Promissory Notes

Summary

This practice note discusses promissory notes generally and terms that should be included in their text to make them both enforceable and complete. It also addresses different types of promissory notes, including secured promissory notes, fixed versus floating interest rate notes, demand promissory notes, contingent promissory notes, and the legal enforcement of promissory notes following a party's default (generally, the borrower's non-payment).