Promissory

Promissory is an adjective used to describe something that relates to a promise or to the making of a promise. In everyday language it can characterize commitments or statements that bind someone to a future action, and in legal or financial contexts it often designates formal instruments or doctrines connected to promises.

In finance and law, promissory is most commonly encountered in terms like promissory note, promissory estoppel, and promissory obligation. A promissory note is a written promise by one party to pay a determined amount to another, typically specifying the payment date and any interest. Promissory estoppel is a legal principle that can enforce a promise even in the absence of a traditional contract when one party relies on the promise to their detriment. Promissory obligations may arise from loan agreements, mortgages, or other arrangements in which a promise to pay or perform is legally significant.

Etymology: the word derives from Latin promissorius, from promiss-, the stem of promissum “a promise,” and was adopted into English via Old French and Medieval Latin. Related terms include promisor (the party who makes the promise) and promisee (the party to whom the promise is made).