What is an open-ended promissory note?

Answer A promissory note is a contract between two parties establishing the repayment terms for a loan or another form of debt. An open-ended promissory note differs in that it's an ongoing, or revolving,... Read More »

Top Q&A For: What is an open-ended promissory note

Definition of Open-Ended Promissory Note?

An open-ended promissory note, also known as a revolving note, is a type of loan that functions more like a credit card than other types of loans in which the borrower receives a single lump sum.

Is a promissory note a promissory estoppel?

Promissory estoppel is not a promissory note. Promissory estoppel occurs when a person relies on a promise and has an economic detriment due to the reliance on the promise. Due to the reliance on t... Read More »

What is a promissory note?

A promissory note is a promise to repay a debt, according to The note details the date that payments are due, along with specific terms agreed upon by the parties involved.The Basics... Read More »

What is the opposite of a promissory note?

There is no true opposite of a promissory note, as it is an official financial tool with two parties, a promissor and a payee. The opposite of one promissory note would simply be the inverse relati... Read More »