Which agreement title is it

shilpa singh (Querist) 31 May 2020 This query is : Resolved
Person A has taken money from person B few months back and promised by word of mouth that he will repay one lakh rupees within one month, now its a third month person A failed to return money to B, after keep on asking by B to A , A agreed for written agreement but his condition is that he needs 6 more months time.

I drafted the agreement, i'm confused which agreement title is it

Memorandum of agreement or any other title. please suggest me.

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Quick Summary

When documenting a loan where repayment is overdue, choosing the correct agreement title is crucial. Options like 'Agreement', 'Agreement for Loan', or 'Simple Agreement' are suggested. However, a 'Promissory Note' is often recommended as it clearly outlines the borrower's promise to repay and can be more legally robust. Taking post-dated cheques is also advised as a strong alternative, offering a simpler recovery process in case of default compared to a loan agreement or promissory note.

Dr J C Vashista (Expert) 01 June 2020
You may word it as "Agreement".

Raj Kumar Makkad (Expert) 01 June 2020
It shall be better to execute Promissory Note on the part of B in favour of A.

Rajendra K Goyal (Expert) 01 June 2020
Agreement for loan or simple agreement can be title.

You should try to take post dated cheques for the dates he is promising payment

Promissory Note can also be taken.

Raj Kumar Makkad (Expert) 01 June 2020
Promissory note is a specific agreement wherein the loanee at one place accepts the money on the specific terms and on the other hand he also undertakes/promises to pay. This dual undertaking on his part cannot provide him a chance to resile from its contents so better to go with it.

kavksatyanarayana (Expert) 01 June 2020
I opinie, the following formate is sufficient.
CASH AGREEMENT/PROMISSORY NOTE.
I, Sri.______________________ S/o._____________________promise to pay Sri.______________________ S/o._____________________ or order, on demand, the sum of Rs.______ (Rupees___________________only) with interest at the rate of ________ per cent. per mensem / annum from the date of these presents, for value received within a period of _______ months.

Place:
Date: Signature.

Rajendra K Goyal (Expert) 02 June 2020
Post dated cheques is preferable than promissory note or loan agreement. In case of Pronote or Agreement for recovery case court fee as per value of amount has to be paid, in case of cheque bounce case, no such court fee need to be paid. Cheque Bouncing is punishable offense u/s 138 NI Act.

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