If you would rather try a contract (basically writing up the same letter but stating that you will pay them once they agree and adding an area for their signature).......you can do that and it will hold up since that is a contract BUT from what I've read, OCs and CAs are more likely to agree if they see the money right in front of them.
You can also use a bank MO/cashier's check as payment if you wish (be sure to still put the RE on the back). To a CA or OC, that's even better because it's not just a promise to pay.........it's guaranteed funds.
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