a promissory note is given by a dash to a creditors
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Introduction:
A promissory note is essentially a debt instrument that comprises a written promise by one party who is the note's issuer or maker to pay to the another party who is the note's payee of a certain sum of money, either on demand or at a later date.
Explanation:
The issuer distributes these notes to its creditors.
The principal amount, interest rate, maturity date, date and location of issuance, and the issuer's signature are often included in a promissory note.
In terms of legal validity, promissory notes sit between between the informality of an IOU and the rigidity of a loan contract.
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