A promissory note is always payable in installments.
Answer: (b), False
A "promissory note" is a contract obligating one party to pay or repay a specified dollar amount to another party. Promissory notes are often used in connection with the lending of money. The key terms of promissory notes include: • The principal amount to be paid • Interest rate on the principal • Timing of interest and principal payments • Events of default under the promissory note • Whether the note is secured or unsecured Promissory notes can be due and payable on demand or payable in installments or balloon payments.
