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.
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Famous quotes containing the word difference:
“It doesn’t make any difference how much money a father earns, his name is always Dad-Can-I.... Like all other children, my five have one great talent: they are gifted beggars. Not one of them ever ran into the room, looked up at me, and said, “I’m really happy that you’re my father, and as a tangible token of my appreciation, here’s a dollar.””
—Bill Cosby (20th century)