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What does IOU mean?
An IOU is a written promise that you will pay back some money that you have borrowed. IOU is an abbreviation for 'I owe you'. Collins COBUILD Advanced Learner’s Dictionary. Copyright © HarperCollins PublishersWhat is an 'I Owe You' (IOU)?
An “I owe you” (IOU) is a document that records the existence of a debt. It is typically considered an informal agreement and is less likely to be legally binding than a formal contract. An IOU is an informal document that records the existence of a debt that one party owes to another.Is an IOU legally binding?
It is typically considered an informal agreement and is less likely to be legally binding than a formal contract. An IOU is an informal document that records the existence of a debt that one party owes to another. Due to an IOU’s informal nature, it is unclear whether such a document would be legally binding in a court of law.What is an IOU & a promissory note?
An IOU ( abbreviated from the phrase " I owe you " ) is usually an informal document acknowledging debt. An IOU differs from a promissory note in that an IOU is not a negotiable instrument and does not specify repayment terms such as the time of repayment. IOUs usually specify the debtor, the amount owed, and sometimes the creditor.- Terms & Agreement
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