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A promissory liability is a legal obligation or commitment made by a party to pay a specific amount to another party at a future date. It typically arises from promissory notes, contracts, or agreements where the borrower promises to repay a loan or debt. This liability represents a financial commitment that must be honored and is recorded on the balance sheet of the borrowing entity as a liability until fulfilled.
What else can I help you with?
Is the amount of promissory note is called maturity value?
No, the amount of the promissory note is the face vale not maturity value. Maturity value is the value of the money on the promissory note after a period of time.
Is Creditors an asset or liability?
Current Liability
How is a liability increased by a credit or debit?
Liability has credit balance as normal balance so credit increases the liability which means addition to current liability will increase the overall liability and reduction in liability will reduce overall liability.
3 When is a liability classified as a current liability ad as a noncurrent liability?
When liability is payable within one fiscal year then it is current liability while one liability is payable within more than one period then Is non-current liability.
Is Demand loan a current liability or a long term liability?
a current liability
What is the statute of liability on a promissory note in Calif?
statute of liabiberty is in new york not cali iirc
What are some things that a contract lawyer does?
promissory liability, the interpretation of words and conduct as well as the nature of obligations assumed by entering into contracts. They also solve problems relating to breach of contract, unfairness as a reason for avoiding contractual liability,
What is Difference between cheque and promissory note?
The following are the main differences between a Bill of Exchange and a Promissory Note:A Bill of Exchange is an unconditional order to pay money, whereas a promissory note is an unconditional undertaking or promise to pay money to a certain person.In a Bill of Exchange, there are three parties, viz., the drawer, the drawee and the payee. In a Promissory Note, there are only two parties, viz., the Maker and the Payee.In case of usance (Time) bill, acceptance of the bill is necessary, whereas in a promissory note no such acceptance is required.While foreign bill of exchange is drawn in sets of three, foreign promissory note requires no such sets.In case a foreign bill of exchange is is dishonoured, protesting is compulsory. But when a foreign promissory note is dishonoured, no protesting is required.In case a bill of exchange is dishonoured, a notice of dishonour is required to be given by the holder to the maker of the bill (= drawer). However, in case a promissory note is dishonoured, no notice of dishonour is required to be given by the holder of the maker of the promissory instrument.The liability of the drawer (= maker) of a bill of exchange is secondary, whereas, the liability of the maker of a promissory note is primary.A bill of exchange is drawn for financing trade, whereas, the liability of the maker of is a promissory note is primary.When a bill of exchange is made payable to the bearer, it is not considered as illegal. But a Promissory Note, which does not contain the payee's name, but states that it is payable to bearer, it becomes illegal.In a bill of exchange, the drawee can put conditions subject he will accept the bill. but in a promissory note a maker cannot put any conditions on it.M.J. SUBRAMANYAM, BANGALORE
Wording for promissory note?
wording for promissory note with collateral
How can you use the word promissory in a sentence?
She signed a promissory note as a commitment to repay the loan on time.
Paano gumawa ng promissory note?
promissory letter
Is the premises note an asset or a liability?
Premises as in Property (Commercial/Industrial) are classified as Non- Current Assets
Is a promissory note valid with no consideration?
No....a promissory note is not valid without a consideration.
Where can you find a template for a promissory note for a friend?
The ECSI website has lots of the promissory notes. The ECSI website also has the template which will help in the writing of the promissory note.
How can you put the word promissory in a sentence?
In the insurance policy, the promissory was to be a 3% deductible. a08Deevic88 www.ETangerineE.webs.com
What is a sentence for promissory note?
I needed to sign a promissory note for my student loan money.The bank is legally owed money when you sign a promissory note.The promissory note was only one page long but used complicated language.
How do you issue a promissory note?
A promissory note is a fancy legal name for a legally phrased I.O.U.
