Promissory notes are a common legal instrument used in connection with the lending and borrowing of money. They are typically “black and white” cases when it comes to enforcement when there is a breach. To make a prima facie case on breach of promissory note, there needs to be a showing that the (1) maker(s)…
Legal Articles
Failure of Consideration vs. Lack of Consideration: Promissory Notes, Contracts
Promissory notes and contracts are similar in how they are interpreted and how they are to be enforced in court. To prevail on a claim for breach of a promissory note, a plaintiff needs to show (1) that there is a valid promissory note signed by the maker of the note, (2) that there is…
Enforcement of Promissory Notes
A promissory note is, in its broadest sense, a promise to repay money on certain terms and conditions. In business — particularly between banks and creditors — promissory notes are often bought and sold because there can be big money (and risk) in holding and collecting debt with interest. A deluge of legal issues can…