![]() Other facts regarding promissory notes include: It would be unenforceable if the compensating party reneges on the promise to pay. If the promise of payment isn't in writing, it is difficult to prove the terms and conditions of the promise as they were agreed upon in a court of law. Because it is a contract, it is important to get the promissory note in writing when it's established so it is valid and enforceable. ![]() If you have borrowed money from someone and promised to pay them back, then you have taken part in the creation of a promissory note, even if it wasn't initially in writing. To avoid future disagreements about the licitness of promissory notes, businesses may opt to have the promissory notes witnessed and confirmed by notary publics even if some state laws don't demand it. It is mandatory to have all individuals involved sign the note because it states absolute stipulations to pay certain amounts of money, under certain terms and conditions. ![]() Promissory notes are legal documents and legally enforceable because they include the terms and conditions by which money is to be compensated from one party to another. The Notary Public's Role in Signing a Promissory Noteĭoes a promissory note have to be notarized? A valid promissory note only needs the signatures of the participating parties involved in the agreement, not necessitating acknowledgment or being witnessed by a notary public to be legitimate. Elements Required For an Enforceable Contract 3.
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