Is an Unsigned Email Confirming Repayment of a Loan Equal to a Promissory Note?

When a friend or family member borrows money, many times that person will confirm their intent to repay the loan through an email or letter. And while such a confirmation helps solidify the existence of the loan, it is far and away a poor substitute for a legal and valid Promissory Note.

A Promissory Note is a binding contract that outlines the terms and conditions of a loan and its repayment schedule. A contract must be agreed to and signed by both parties to be enforceable; an email or letter does not provide that confirmation of joint agreement.

To easily create legal and valid Promissory Notes, see the options offered within Standard Legal’s Promissory Note legal forms software package.