Promissory note

A promissory note is a written, signed promise by one party to pay another a specified sum of money, either on demand or at a stated time.

Negotiable instrument: A transferable document that embodies a right to payment and meets legal requirements for negotiability. Many promissory notes qualify when they meet the rules governing transfer and payment.
Demand note: A promissory note payable whenever the holder demands payment. It is a specific form of note without a fixed payment date.
IOU: An informal written acknowledgment that one person owes money to another. Unlike many notes, an IOU may acknowledge debt without promising payment on defined terms.
Mortgage note: A promissory note documenting a borrower's obligation to repay a mortgage loan. It records the debt that the mortgage secures.
Consideration: A bargained-for exchange of value that can support the formation of a contract. Contract principles may determine whether value supports the promise represented by a note.
Installment loan: A loan repaid through scheduled payments over a defined period. A note can document the borrower's obligation to make these installments.
Bill of exchange: A written order directing one party to pay a specified sum to another. A bill orders payment by someone else; a note contains the maker's own promise.
Convertible note: A short-term debt instrument that may convert into equity under specified conditions. Startups use this note to raise funding that can later become shares.
Maturity date: The date on which a debt or financial instrument becomes due for payment. A note can set this date to specify when its promised sum must be paid.
Endorsement: A signature or statement on a negotiable instrument that may transfer rights or guarantee payment. An endorsement can help transfer a negotiable note to another holder.

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