The longer a contract runs, the less liquid it is and the less desirable it is in general. For a long time, you can’t get your money out of it, and then the business or business climate may change. The person who lent $10,000 in 1928 for five years in all probability had difficulty in collecting in 1933. A demand note is certainly preferable to a five-year note. You may need the money sooner than you thought when you invested, and if you are tied up for five years you cannot get your funds back. Perhaps better opportunities will present themselves. Stay as liquid as possible.