Promisory note
bsai partish (166 Points)
02 November 2020
" I PROMISE TO PAY X OR Y 10000/-IS THIS PROMISORY NOTE VALID"
2 Replies
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5265 Points)
Replied 03 November 2020
All Promissory Notes are valid only for a period of 3 years starting from the date of execution, after which they will be invalid. There is no maximum limit in terms of the amount which can be lent or borrowed. The issuer / lender of the funds is normally the one who will hold the Promissory Note.Promissory notes are a valuable legal tool that any individual can use to legally bind another individual to an agreement for purchasing goods or borrowing money. A well-executed promissory note has the full effect of law behind it and is legally binding on both parties.For the promissory note to be valid, and therefore enforceable, it should be in the form of a written contract.
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