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#1
 
Old 02-23-2011, 06:07 PM
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Default written contract vs promissory note?

What is the difference between a written contract and promissory note? I see some websites show SOL being 5 yrs for written contract and 6 yrs for prommisory note in the state of virginia. Some sites only show SOL for written and don't list a prommisory note.

So if I received a check/loan in the mail from a bank stating terms and repayment plan upon cashing... what is the SOL... 5 yrs or 6 yrs?
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#2
 
Old 04-03-2011, 03:44 AM
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The main difference between a promissory note and a regular written contract is that on a promissory note the scheduled payments and interest of the loan is also stated in the promissory note.
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#3
 
Old 04-03-2011, 05:47 AM
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A promissory note, or note payable, is a legal document where one party makes an unconditional promise to pay a sum of money to the other party at a specified or derterminable time, which could be on demand. A promissory note is evidence of a loan, but is usually not a complete loan contract, and need not include all the terms and conditions under state law required of a full contract.
Contracts are more complete, and thus generally lead to less dispute in court.
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