Our Charleston commercial litigation attorney
frequently handle breach of promissory note
and other contract disputes for our clients. A promissory note
is a legally binding contract which indicates the obligation to pay a set amount of money. The note contains a promise by a debtor to pay a creditor a specified sum within a certain period of time. An enforceable promissory note will contain identical elements as any valid contract: an offer, an acceptance, and consideration (bargained-for exchange).
A promissory note can be simple representation of an agreement, or it can be a sophisticated and complex document covering multiple issues and including added provisions of a contract, including the right to recourse in the event of default. Usually, a promissory note will contain the terms relating to the indebtedness by the issuer or maker to the note’s payee, such as the amount, interest rate, maturity date and date and place of issuance. A breach of promissory note, a legally binding instrument, can be remedied if one of the parties fails to uphold their side of the bargain. Legal remedies for breach of promissory note will include repossession of the secured assets in question.