http://www.expertlaw.com/library/business/promissory_note.html
What Is A Promissory Note?
In it simplest terms, a promissory note is a written promise to repay a loan or debt under specific terms - usually at a stated time, through a specified series of payments, or upon demand. A promissory note will identify the parties, the amount of the obligation, some form of recitation of the consideration for the obligation (that is, what the debtor received in return for signing the note) and will usually include the terms of repayment, the interest rate which will apply (if any). It may also include an "acceleration clause" which will make the entire amount of the note due if a payment is missed.
