What Needs to be in a Promissory Note?A promissory note is basically a written promise to do something, usually to pay money. A promissory note is just a fancier and legally binding "IOU." Under Ohio law, a promissory note carries the same force and effect of a written contract.
For simple obligations many people choose to write their own promissory notes. In order to do this, the note must accurately describe what is being given in exchange for the payment of money. It should also list a specific payment schedule and instructions for payment. It should also be signed by both parties to the agreement.
For any high value or more complicated obligations (a promise to repay over one thousand dollars or more), then you should really have an attorney draw up the promissory note. When the obligations are a bit more high stakes, then it is worth it to hire an attorney to make sure that everything is documented properly and that the agreement is enforceable in case something goes wrong.