Simple Accounting questions

For almost all states who is paying taxes for unemployment? The employer, employee or both.

1. Why would your creditor prefer a note payable instead of an account payable to him/her? What are the situations where a creditor may ask for a promissory

note?

2. What if we have a note payable due once a year for five years. Is it a current liability or a long term liability? How do we show it on the balance sheet?
3. What is a contingent liability? Someone give examples.