What are the differences between an IOU and a promissory note?
An example of an AI chatbot conversation about the differences between IOUs and promissory notes.
What are the differences between an IOU and a promissory note?
An IOU is a simple acknowledgment of a debt, while a promissory note is a formal, legally binding document that includes specific terms.
Can you explain what makes a promissory note legally binding?
A promissory note is legally binding because it includes essential elements like the amount owed, interest rate, repayment schedule, and signatures.
Are IOUs enforceable in court?
IOUs are generally not enforceable in court due to their informal nature, but they can serve as evidence of a debt.
Which one is better for personal loans?
For personal loans, a promissory note is better as it provides clear terms and legal protection for both parties.
What should I include in a promissory note?
A promissory note should include the loan amount, interest rate, repayment schedule, due dates, and signatures of both parties.
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