Simple English definitions for legal terms
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A note is a written promise to pay someone a certain amount of money at a specific time. It also includes details about how the money will be paid back, like the interest rate and when the payment is due. Sometimes, the note is backed up by a mortgage, which means that if the person who owes the money doesn't pay it back, the lender can take their property.
A note is a written promise to pay a certain amount of money to someone at a specific time. It includes details about how and when the money will be paid back, such as the interest rate, due date, and any penalties for not paying on time.
These examples illustrate how a note is a legal agreement between two parties that outlines the terms of a loan or debt. The borrower promises to pay back the money according to the terms of the note, and the lender can take legal action if the borrower fails to do so.