A note is the borrower's promise to repay a debt. Is this statement True or False?

The statement is true because a note, often referred to as a promissory note, is a legal document that outlines the borrower's commitment to repay a specific amount of money under agreed-upon terms. This document typically includes details such as the loan amount, interest rate, repayment schedule, and consequences of default. The significance of the note lies in its role as evidence of the borrower's obligation to pay back the lender, making it a crucial element in real estate and mortgage transactions. By signing the note, the borrower acknowledges the debt and agrees to fulfill the repayment terms, solidifying the lender’s right to collect the amount due.