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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.

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You

What are the differences between an IOU and a promissory note?

MagicBuddy
MagicBuddy

An IOU is a simple acknowledgment of a debt, while a promissory note is a formal, legally binding document that includes specific terms.

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You

Can you explain what makes a promissory note legally binding?

MagicBuddy
MagicBuddy

A promissory note is legally binding because it includes essential elements like the amount owed, interest rate, repayment schedule, and signatures.

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You

Are IOUs enforceable in court?

MagicBuddy
MagicBuddy

IOUs are generally not enforceable in court due to their informal nature, but they can serve as evidence of a debt.

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You

Which one is better for personal loans?

MagicBuddy
MagicBuddy

For personal loans, a promissory note is better as it provides clear terms and legal protection for both parties.

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You

What should I include in a promissory note?

MagicBuddy
MagicBuddy

A promissory note should include the loan amount, interest rate, repayment schedule, due dates, and signatures of both parties.

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