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A Straight Promissory Note serves as a fundamental financial instrument in Philippine business and personal transactions, providing a legally binding promise of payment from one party to another. This document type is governed by Philippine law, particularly the Negotiable Instruments Law (Act No. 2031) and the Civil Code of the Philippines, and is commonly used in various contexts including business loans, personal lending, real estate transactions, and commercial financing. The Straight Promissory Note must contain specific elements to be valid and negotiable under Philippine law, including an unconditional promise to pay, a fixed or determinable amount, a specified payment date or on-demand requirement, and proper execution by the maker. It can be used as evidence of debt, can be negotiated or transferred to other parties, and provides a clear basis for legal enforcement in case of default.

1. Promise to Pay: Clear and unconditional statement of promise to pay, including the specific amount in both numbers and words

2. Payment Terms: Specific date or determinable future time when payment is due, including whether it's payable on demand or at a fixed date

3. Interest Rate: Clearly stated interest rate (if any) and how it is calculated, ensuring compliance with Philippine usury laws

4. Place of Payment: Specific location where payment should be made

5. Execution: Date and place of execution, signature blocks for maker and witness