Promise (Banking) Law and Legal Definition

Promise is an obligation given by one party to another, to carry out or refrain from carrying a specified act or acts. The person making the promise is the promisor, and promisee is the person to whom the promise is made.

Pursuant to U.C.C. § 3-103, promise means a written undertaking to pay money signed by the person undertaking to pay. Unless the obligor undertakes to pay the obligation, an acknowledgment of an obligation by the obligor is not a promise.