(Solved): What is the fundamental difference between a Loan Agreement and Promissory Note? 1. A Promissory ...

What is the fundamental difference between a Loan Agreement and Promissory Note?

1. A Promissory note is signed by both the borrower and the lender, a Loan Agreement is signed only by the lender.

2. A Promissory Note is signed only by the borrower, a Loan Agreement is signed by both the borrower and the lender.

3. A Loan Agreement by definition is more detailed in its description of the rights and obligations of each party.

4. 1 and 3 above, but not 2 .

5. 2 and 3 above, but not 1 .