Difference From IOU
Promissory notes differ from IOUs in that they contain a specific promise to pay, rather than simply acknowledging that a debt exists. In common speech, other terms, such as "loan," "loan agreement," and "loan contract" may be used interchangeably with "promissory note" but these terms do not have the same legal meaning.
Read more about this topic: Promissory Note
Famous quotes containing the word difference:
“The difference between a healthy person and one who is mentally ill is the fact that the healthy one has all the mental illnesses, and the mentally ill person has only one.”
—Robert Musil (1880–1942)