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What is a Bill Single? A Comprehensive Guide to Its Legal Definition
Definition & Meaning
A bill single is a legal document that serves as a written promise to pay a specified amount of money. It is executed under the seal of the maker, meaning it is a formal commitment without any conditions attached. Unlike a promissory note, which is typically payable to order, a bill single is a direct promise to pay a specific person or group. It also differs from a bond, which usually includes conditions that must be fulfilled for the obligation to be satisfied. In essence, a bill single is a straightforward agreement to pay a sum of money at a designated time.
Table of content
Legal Use & context
Bill singles are primarily used in civil law contexts, particularly in financial transactions. They can serve as evidence of debt and are often utilized in agreements where one party commits to pay another without conditions. Users may encounter bill singles in various situations, such as personal loans, business transactions, or real estate agreements. For those looking to create or manage such documents, US Legal Forms provides templates that can be tailored to specific needs.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A business owner signs a bill single promising to pay a supplier $5,000 for goods delivered by a certain date. This document serves as a guarantee of payment.
Example 2: A parent executes a bill single to pay their child a sum of money for educational expenses, ensuring that the payment is made without any conditions. (hypothetical example)
State-by-state differences
State
Key Differences
California
Bill singles may require notarization for enforceability in some cases.
New York
Specific regulations may apply to the execution and sealing of the document.
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
Comparison with related terms
Term
Definition
Key Differences
Promissory Note
A written promise to pay a specified amount to a designated person.
Usually payable to order; can have conditions.
Bond
A formal contract to pay a specified sum, often with conditions.
Always includes conditions for satisfaction.
Common misunderstandings
What to do if this term applies to you
If you need to create a bill single, consider using US Legal Forms for templates that can simplify the process. Ensure that you clearly outline the payment terms and conditions. If your situation is complicated or involves significant amounts, consulting a legal professional may be advisable to ensure compliance with applicable laws.
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