Difference From Loan Contract
Whereas promissory notes are evidence of a loan, they are not loan contract. In fact the loan contract is legally distinct from promissory notes, and contains all the terms and conditions of the loan agreement.
Read more about this topic: Promissory Note
Famous quotes containing the words difference, loan and/or contract:
“The difference between a saint and a hypocrite is that one lies for his religion, the other by it.”
—Minna Antrim (b. 1861)
“Neither a borrower nor a lender be,
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.
This above all: to thine own self be true,
And it must follow, as the night the day,
Thou canst not then be false to any man.”
—William Shakespeare (1564–1616)
“A good businessman never makes a contract unless he’s sure he can carry it through, yet every fool on earth is perfectly willing to sign a marriage contract without considering whether he can live up to it or not.”
—Dalton Trumbo (1905–1976)