What is the difference between an IOU and a promissory note?
An example of an AI chatbot conversation about the differences between IOUs and promissory notes.
Can you explain the difference between an IOU and a promissory note?
Sure! An IOU is a simple acknowledgment of a debt, while a promissory note is a formal, legally binding document that includes specific terms.
What are the key features of a promissory note?
A promissory note typically includes the amount owed, interest rate, repayment schedule, and the signatures of both parties.
Is an IOU legally enforceable?
An IOU is less formal and may not be legally enforceable in court, whereas a promissory note is designed to be enforceable.
Can I use an IOU for large amounts of money?
While you can use an IOU for any amount, it's advisable to use a promissory note for larger sums to ensure clarity and legal protection.
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