What is an IOU?
An example of an AI chatbot conversation about understanding IOUs and their implications.
Can you explain what an IOU is?
An IOU, or 'I Owe You', is a simple document acknowledging a debt. It’s not a formal contract but serves as a promise to pay.
How is an IOU different from a loan agreement?
An IOU is less formal and doesn't usually include terms like interest rates or repayment schedules, unlike a loan agreement.
Are IOUs legally binding?
IOUs can be legally binding if they meet certain criteria, but they are often harder to enforce than formal contracts.
What should I include in an IOU?
An IOU should include the amount owed, the date, the names of the parties involved, and a signature for clarity.
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