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In this episode of "Finally Revealed," Michelle introduces the concept of a promissory note, clarifying its definition and spelling (p-r-o-m-i-s-s-o-r-y). She explains that a promissory note is simply a written document, either typed or hand-written, that functions similarly to an old-fashioned IOU. It signifies a loan agreement, where one party owes money to another. Michelle exemplifies this by describing how one might write an IOU for five dollars, sign it, and hand it over to the lender as evidence of the debt. She also highlights the importance of having a promissory note in writing, especially to enforce obligations under the statute of frauds, detailed in another video.
