Basic Promissory Note with no Interest
This Basic Promissory Note is the simplest way of acknowledging a debt. It is a legally binding contract, and consists of a written, dated and signed unconditional promise by one individual (the ‘promisor’) to pay a definite sum of money to another (the ‘payee’) on demand or at a specified future date. The promissory note is only signed by the Promisor, and not by the Payee (or lender).
For promissory notes, the law presumes (contrary to the usual rules of contract) that consideration is provided. Thus it is not necessary to execute a promissory note as a deed.
This Basic Promissory Note is unsecured and the debt does not carry any interest.
This Basic Promissory Note is in a very simple form and is suited for loans between individuals of small amounts of money where no interest is payable. If you need a promissory note with different or more comprehensive provisions, please consult the related document links below right.
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