Legal Question in Business Law in Maine
why do i need a bill of sales form with a promissory note
I am purchasing a vehicle from an independant owner and i am going to make payments to that person. my question is, Do i need both a bill of sales form and a promissory note or one or the other?
Asked on 7/04/03, 4:20 am
1 Answer from Attorneys
David Slater
David P. Slater, Esq.
Re: why do i need a bill of sales form with a promissory note
Yes, you should have both. A bill of sale from the seller to you should list all the elements of a contract such as price, subject matter, date, warranties, dates etc.
The promissory note is the buyer's obligation to pay at a certain time.
Answered on 7/04/03, 8:54 am
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