what's the difference between a loan agreement and a promissory note
Promissory note Promissory notes differ from IOUs in that they contain a specific promise to pay along with the steps and timeline for repayment as well as consequences if repayment fails.[15] IOUs only acknowledge that a debt exists.[16][17] In common speech, other terms, such as "loan", "loan agreement", and "loan contract" may be used interchangeably with "promissory note" but a loan agreement or contract will typically be more detailed than a promissory note.[18]
Invitation to treat A contract is a legally binding voluntary agreement that is formed when one person makes an offer, and the other accepts it. There may be some preliminary discussion before an offer is formally made. Such pre-contractual representations are known variously as “invitations to treat”, “requests for information” or “statements of intention”.