promissory

Definition

Containing a promise or pledge of future action, most famously in 'promissory note'—that IOU your friend gave you that you'll never actually collect on. In legal contracts, these provisions bind parties to specific future obligations. It's the contractual equivalent of pinky swearing, except enforceable in court.

Example Usage

The entrepreneur signed a promissory note agreeing to repay the $50,000 loan within 24 months at 8% interest.

Source: Contract and financial law terminology

Related Terms

Intermediate

juvenile

In legal terminology, a person too young to face the full wrath of the adult criminal justice system, because apparently your brain isn't fully criminal until later. The age-based get-out-of-jail-slightly-easier card that recognizes teenagers make terrible decisions but don't deserve permanent records. A minor who committed a crime and gets processed through a justice system with training wheels.

⚖️ Legal

Beginner

legal

The department full of people who went to school for seven extra years to learn how to say 'no' in fifty different ways. They review every contract, question every marketing claim, and turn simple agreements into 40-page documents nobody reads. Also refers to a paper size that's longer than letter-size, because lawyers apparently need more room to write 'heretofore' and 'notwithstanding.'

⚖️ Legal

Intermediate

stipulation

The non-negotiable condition buried in contracts and agreements that you'll regret not reading more carefully six months from now. In legal proceedings, it's when both parties agree on certain facts to avoid arguing about literally everything. These are the 'terms and conditions' that everyone clicks 'accept' on without reading, later wondering how they agreed to binding arbitration in Delaware.

⚖️ Legal

Beginner

Legalese

The ancient and mystical language spoken only by lawyers, characterized by sentences longer than some novels and words that have not been used in casual conversation since the reign of Henry VIII. Designed to be incomprehensible so you have to pay someone to translate it.

⚖️ Legal

Advanced

pro tanto

Latin for 'for so much' or 'to that extent,' used to describe partial payment or credit. When you can't pay everything, pro tanto means you paid what you could.

⚖️ Legal

Advanced

choice of law provision

A clause in contracts that decides which state's laws apply if things go sideways, because apparently geography matters in legal disputes. Companies always pick the state with laws most favorable to them, which is why Delaware is very popular.

⚖️ Legal

Translate This Term

See “promissory” in Corporate Speak, Gen-Z Slang, Pirate Speak, and more.

Try the Translator

Share This Term

Post on X Share on Facebook Share on LinkedIn

Discover a Term

Beginner

clicker

The remote control device that transformed couch potatoes into channel-surfing athletes without ever leaving the cushion...