Simple English definitions for legal terms
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An executed note is a written promise by one party to pay money to another party or to bearer. It is a two-party negotiable instrument, unlike a draft which is a three-party instrument. Once the note has been signed and delivered, it is considered executed.
Examples of different types of notes include:
These examples illustrate the different types of notes that can be considered executed once they have been signed and delivered. They represent a legal obligation to pay the specified amount of money to the designated party or bearer.