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In this episode of "Finally Revealed," Michelle explains what a promissory note is, clarifying the correct spelling (p-r-o-m-i-s-s-o-r-y). She describes it as a simple document, either typed or handwritten, that serves as a modern take on an "IOU." It signifies a loan agreement between two parties, stating that one owes money to the other. Michelle emphasizes the importance of having a promissory note, especially to enforce obligations under the statute of frauds, which requires certain agreements to be in writing to be legally binding, particularly for significant amounts of money. This ensures clarity and protection in financial transactions.
