Definitions from the Web
Definition: Note Payable refers to a written agreement or promissory note in which one party (the borrower) promises to pay a certain amount of money to another party (the lender) within a specified time period, usually with interest.
Part of Speech:
- An unconditional promise to pay a specific sum of money on demand or at a definite time.
- A liability in the form of a promissory note.
- Entrepreneurs often rely on note payable agreements to secure funding for their business ventures.
- When purchasing a house, individuals may enter into a note payable with a bank to finance the transaction.
- Companies frequently use note payable to obtain short-term credit for their operational needs.
- In the local community, note payable is commonly utilized among farmers to finance the purchase of agricultural equipment.
- Small businesses in the area rely on note payable to cover their immediate expenses while awaiting payment from clients.
- Local families often create note payable agreements to assist their children with college tuition costs.
- John borrowed $10,000 from his friend and signed a note payable, agreeing to repay the loan within one year.
- The company issued a note payable to secure additional funds for expanding their production facilities.
- The bank reviewed Sarah's credit history before approving her note payable for the purchase of a new car.
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