What’s the difference between contracts and promissory notes?
A promissory note is a promise to pay a fixed amount of money at a set time. The promissory note is often “for services rendered.” Promissory notes are a product of statute. In Missouri, the primary statutory section addressing the requirements for promissory notes (and other negotiable instruments in general) is Section 400.3-104, RSMo.
Contracts are for the most part governed by case precedent. Although there are statutes in Missouri which restrict what can and cannot be contracted (such as with Non-Compete Agreements), centuries of case precedent makes clear that a contract requires an offer, acceptance, and consideration.
Contract us regarding the drafting, creation, and/or interpretation of contracts or promissory notes in Missouri.