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 first idea that the child must acquire, in order to be actively disciplined, is that of the difference between good and evil; and the task of the educator lies in seeing that the child does not confound good with immobility and evil with activity.”
—Maria Montessori (1870–1952)
“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)
“Smoking ... is downright dangerous. Most people who smoke will eventually contract a fatal disease and die. But they don’t brag about it, do they? Most people who ski, play professional football or drive race cars, will not die—at least not in the act—and yet they are the ones with the glamorous images, the expensive equipment and the mythic proportions. Why this should be I cannot say, unless it is simply that the average American does not know a daredevil when he sees one.”
—Fran Lebowitz (b. 1950)