Answer:
Promissory note
Explanation:
A promissory note is a written financial agreement to pay a specified party a certain amount of money, on-demand or at the stated date. The note is drafted by a borrower or the party that owes money to another person or an institution. A promissory note is an acknowledgement of debt and a commitment to pay.
A promissory note must provide details of the debts owed such as the total amount, interest payable and a schedule of payments if applicable. The maker must sign the promissory note. A promissory note can be used to finance business operations from institutions or individuals other than the banks.
Promissory notes are unconditional: they do not specify a recourse should the drafter fail to honor payments.
