promissory note

USAGE SUMMARY

"promissory note" is a correct and usable phrase in written English.
It's usually used to refer to a document in which one party (the promissor) promises to pay another party (the payee) a certain sum of money by a certain date. Example sentence: The bank issued a promissory note to the borrower outlining the terms of the loan.

✓ Grammatically correct

News & Media

Encyclopedias

Science

Wiki

Human-verified examples from authoritative sources

Exact Expressions

60 human-written examples

Promissory note.

The New Yorker

Tomorrow is a promissory note.

The New York Times

Each merchant gets a promissory note.

The New York Times

The firm signs a conventional promissory note.

Encyclopedia Britannica

3rd COUNT, calling it a promissory note.

The Guardian

But it was a dream built on a promissory note.

The New York Times

2.09pm GMT Draghi is asked yet again about the Irish promissory note swap.

The Guardian - Business

These are forms of promissory note, and a checker is expected to pay it.

The New Yorker

Thousands of individuals offered cash support and Ai wrote a promissory note for each donation.

The Guardian - Arts

Ashworth will pay $23 million in cash and a $1 million promissory note.

The New York Times

"I'll have the money for you tomorrow, and a promissory note to sign, too".

The New Yorker

Expert writing Tips

Best practice

To ensure clarity, specify conditions which would cause the promissory note to enter default such as a period of missed payments or bankruptcy.

Common error

A common mistake is failing to include all necessary information in a "promissory note", such as the specific date of repayment or the consequences of default. Always ensure the note is comprehensive and legally sound.

Linguistic Context

The phrase "promissory note" functions as a noun phrase, typically serving as the subject or object in a sentence. It identifies a specific type of financial document: a written promise to pay a certain sum of money. Ludwig confirms its grammatical correctness and usability.

Expression frequency: Very common

Frequent in

News & Media

65%

Formal & Business

15%

Encyclopedias

10%

Less common in

Science

5%

Wiki

4%

Reference

1%

Ludwig's WRAP-UP

In summary, "promissory note" is a commonly used noun phrase referring to a formal, legally binding agreement to repay a debt. As confirmed by Ludwig, it is grammatically correct and frequently appears in financial, legal, and business contexts, primarily within news media and encyclopedias. While alternatives like "note payable" or "IOU" exist, "promissory note" carries a specific legal weight. When using this phrase, ensure clear articulation of terms such as principal amount, interest and repayment schedule, to avoid potential misunderstandings or legal issues.

More alternative expressions

Phrases that express similar concepts, ordered by semantic similarity:

note payable

An accounting term for a written promise to pay a debt.

written promise to pay

A descriptive alternative emphasizing the commitment to repayment.

agreement to pay

A simpler way to describe the fundamental commitment.

IOU

A less formal acknowledgement of debt, often handwritten.

contract for repayment

Highlights the legally binding aspect of the agreement.

debt instrument

A broader term that encompasses various forms of debt, including a promissory note.

negotiable instrument

A financial document that can be transferred to another party.

formal pledge

Emphasizes the serious nature of the commitment.

loan agreement

A more comprehensive document outlining the terms of a loan, which may include a promissory note.

financial obligation

Focuses on the duty to fulfill a financial agreement.

FAQs

How do I use "promissory note" in a sentence?

You can use "promissory note" to describe a formal agreement to repay a debt, such as: "The company issued a "promissory note" to secure the loan".

What's the difference between a "promissory note" and a loan agreement?

A "promissory note" is a written promise to repay a debt, while a "loan agreement" is a more comprehensive contract that outlines all the terms and conditions of a loan, including collateral, default terms, and other legal provisions.

What can I say instead of "promissory note"?

Alternatives to "promissory note" include "note payable", "IOU" (informal), or "debt instrument", depending on the context and formality required.

What makes a "promissory note" legally enforceable?

A "promissory note" is legally enforceable if it includes essential elements like the principal amount, interest rate (if any), repayment schedule, the names of the parties involved, and the signature of the borrower. Consult with a legal professional to ensure compliance with local laws.