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The Curious Bag
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A promissory, a widely used legal term, is used to describe a particular type of agreement or contract between parties.
Definition
Any contract or agreement that contains or consists of a promise is said to be promissory. Normally, the promise is to pay a sum of money or services.
Vital Information
A promissory agreement must include vital pieces of information, including the full names of the creditor and debtor, the amount of money to be paid back along with a statement of the value received in exchange and a time period to complete the payment.
Promise to Pay
A promissory contract differs from a mere acknowledgment of debt in that there is a specified promise to repay a certain amount of money or services within a time period.
Promissory Fraud
When one party is convicted of never intending to fulfill a legal promise to another, it is called promissory fraud. Simply failing to fulfill a promise without full intention to is not considered fraud.
Verbal Promissory
Some promissory agreements can be made verbally. For example, when swearing to tell the truth in a court of law, a legal promise is being made. Also, each president of the United States is required to take a promissory oath to uphold the Constitution before taking office.
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