give 3 Significance of using Promissory Note
Answer:
Promissory notes are a useful way to establish a clear record of a loan—whether between entities or individuals—and to put all the relevant terms in writing, so that there can be no question about the amount of money lent and when payments are due.
A promissory note is a legal promise to repay money borrowed. People can borrow money from each other, or from banks and other lending institutions
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