Bill of Sale

A Promissory Note is a legal document evidencing that the borrower will repay a loan to the lender under the terms agreed upon in the contract. A Promissory Note may also be referred to as an 'I.O.U.' or a Loan Note.

A gift or a present is an item given to someone without the expectation of payment or return. An item is not a gift if that item is already owned by the one to whom it is given. Although gift-giving might involve an expectation of reciprocity, a gift is meant to be free.