What is the fundamental difference between a Loan Agreement and Promissory Note?
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1. A Promissory note is signed by both the borrower and the lender, a Loan Agreement is signed only by the lender.
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2. A Promissory Note is signed only by the borrower, a Loan Agreement is signed by both the borrower and the lender.
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3. A Loan Agreement by definition is more detailed in its description of the rights and obligations of each party.
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4. 1 and 3 above, but not 2 .
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5. 2 and 3 above, but not 1 .

Question

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

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

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

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

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4. 1 and 3 above, but not 2 .

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5. 2 and 3 above, but not 1 .

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