Promissory-note, a written promise by one person (the maker) to pay another (the payee) or bearer a sum of money either on demand or on a future day. It is in the following form:
£100. LONDON, 1st January 189--.
Three months after date I promise to pay to Mr William Smith or order One Hundred Pounds for value received. JOHN BROWN.
With certain necessary exceptions, such as the rules regarding acceptance, the law of Bills of Exchange (q.v.) applies equally to notes.