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Legal Promissory Notes are signed loan agreements often used when loaning money to friends or family.
A promissory note is a written and dated document where the writer or the payer puts into writing his or her promise to pay the payee the amount of money he or she borrowed from the lender or the payee.
In this legal document, one party promises to pay another involved party specific sum of money on mentioned. This means that if the payment is not made by the borrower that the lender would have to either file in small claims court or through. It a written and signed document which promises to pay back a certain amount to a person or organization in the future.