What are the risks of using IOUs?
An example of an AI chatbot conversation about the risks associated with using IOUs.
What are the risks of using IOUs?
Using IOUs can lead to misunderstandings, lack of legal enforceability, and potential disputes over repayment.
Can IOUs be legally binding?
IOUs are generally not considered legally binding unless they meet certain criteria, like being signed and dated.
What should I include in an IOU to make it more secure?
To make an IOU more secure, include the amount, repayment terms, signatures, and the date.
Are there alternatives to using IOUs?
Yes, alternatives include formal loan agreements, promissory notes, or using digital payment platforms.
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