Question

bastion borrows money from federico to purchase a car. federico has bastion sign a piece of paper indicating his agreement to pay the amount owing to federico for the loan. this would be considered a

Answer 1

Bastion borrows​  from Federico to purchase a car. Federico has Bastion sign a piece of paper indicating his agreement to pay the amount owing to federico for the loan. This would be considered a promissory note.

What is the purpose of a promissory note?

A promissory note, whether between companies or between individuals, is a convenient way to clearly document a loan and have all the terms and conditions involved in writing so that there is no doubt as to the amount borrowed and the due date.

Promissory note:

A promissory note, sometimes called a promissory note, is an agreement by one party to pay the other party a specified amount at a fixed or determinable time in the future or at the request of the payee. A legal document that provides a written promise to under special conditions

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