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Promissory Meaning: Definition, Examples, and Translations

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promissory

[prəˈmɪs.ə.ri ]

Definition

Context #1 | Adjective

legal context

Promissory refers to a type of written agreement in which one party promises to pay a specified amount to another party at a defined time in the future. This term is often used in finance and law to describe documents that signify a promise to repay a loan or a debt. It indicates the intention to carry out a specific obligation.

Synonyms

binding, commitment, obligatory.

Examples of usage

  • A promissory note is a common financial instrument.
  • He signed a promissory agreement for the loan.
  • The promissory document clearly outlines the repayment terms.

Translations

To see the translation, please select a language from the options available.

Interesting Facts

Finance

  • Promissory notes are often used in loans, where they clarify the repayment terms and conditions.
  • They can be transferred to another party, making them useful in commerce, allowing debts to be bought and sold.
  • Unlike checks, promissory notes can be used for larger amounts and extended periods, establishing a legal obligation.

Law

  • In legal terms, a promissory note must contain the amount owed, the repayment date, and the debtor's signature.
  • They are considered negotiable instruments, meaning they can be endorsed and passed along like cash.

History

  • Historically, promissory notes date back to ancient civilizations, such as the Romans who used them for trade and commerce.
  • In the 18th century, they became formalized in financial systems, bolstering the banking industry.

Cultural Significance

  • Promissory notes are crucial in personal and business finance, fostering trust in financial transactions.
  • They symbolize commitment and reliability, reflecting human relationships beyond monetary exchanges.

Origin of 'promissory'

Main points about word origin

  • The word comes from the Latin 'promissorius', which means 'of or pertaining to a promise'.
  • It evolved into the Middle English language before being adopted into modern English in the 15th century.

The term 'promissory' originates from Middle English, derived from the Latin word 'promissorius,' which means 'pertaining to a promise.' The Latin root is 'promittere', meaning 'to send forth' or 'to promise.' Historically, the use of promissory notes can be traced back to ancient civilizations, where promises of repayment were often recorded in writing to facilitate trade and borrowing. Over time, these written promises became formalized in legal contexts, leading to the modern understanding of promissory instruments in finance and law.

Word Frequency Rank

Ranked #10,174, this word falls into high-advanced vocabulary. It appears less frequently but is valuable for expressing precise meanings in specific contexts.