What is a promissory note?

A promissory note is a type of contract used in Texas to formalize agreements for borrowing or lending money. It is a written document that contains a promise to pay a certain amount of money at a certain date, as well as any other terms of the agreement. Generally, the promissory note includes the name and address of the maker (the one who is borrowing the money), the lender, and details of the repayment terms and the interest rate. It also includes a promise that the maker will pay the money back. The promissory note is signed by the maker and includes the date of signature. This document serves as legal proof that the promise was made and provides a record of the financial transaction in case of legal disputes. In Texas, a promissory note must be written and signed by the parties in order to be legally binding.

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What is a promissory note?

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