What is Legal Terms - Promissory Note?

Legal Terms - Promissory Note — Promissory Note Information: A promissory note is a writing, or form, by which one party promises to pay another party a certain sum of money in the future. Virtually all promissory notes will contain a provision allowing an interest rate to be charged. Failure to pay on the note when due will entitle the person wronged by the nonpayment to sue for breach of the promissory note.