promissory note

noun
1.
a written promise to pay a specified sum of money to a designated person or to his or her order, or to the bearer of the note, at a fixed time or on demand.
2.
a written promise to do or provide something, usually presented as a gift and claimable when or however the recipient chooses.

Origin:
1700–10

Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Collins
World English Dictionary
promissory note
 
n
chiefly (US) commerce note, Also called: note of hand a document, usually negotiable, containing a signed promise to pay a stated sum of money to a specified person at a designated date or on demand

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Example sentences
One is the promissory note explaining the terms of the loan.
Draw up a promissory note and a repayment schedule with penalties.
Escrow process involving the funding of the loan or the pur chase of the promissory note.
Individual who signed and agreed to the terms in the promissory note and is responsible for repaying a loan.
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