The correct spelling of the word "promissary" is actually "promissory". In IPA phonetic transcription, it is pronounced as /prəˈmɪsəri/, with the stress on the second syllable. The word relates to a promise, and is commonly used to describe a legal document which involves a promise to pay a certain amount of money or fulfill a specific obligation at a future date. It is important to note the spelling, as misspelling it can lead to confusion and inaccuracy in communication, especially in legal matters.