Simple English definitions for legal terms
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Definition: A lawnote 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. It is also known as a promissory note.
Examples:
These examples illustrate the different types of notes that can be used in financial transactions. They show how a note can be structured to meet the needs of the parties involved. For example, a balloon note may be used when the borrower expects to have a large sum of money at the end of the payment period, while a demand note may be used when the creditor wants to be able to demand payment at any time.
Additional Example:
This example illustrates how the term "lawnote" can also refer to a type of legal writing. It shows how a lawnote is a shorter, more focused piece of legal writing that is often written by law students and published in law reviews.