Web22 aug. 2024 · An I Owe You (IOU) contract is a simple 1-page document that serves as a guarantee (or “promise”) to pay back loaned money. It’s an informal contract used by well-acquainted individuals who trust one another. In many cases, an IOU is used as a placeholder before an official loan agreement is drafted. Contents What is an “I Owe You?” Web16 dec. 2024 · IOU is a phonetic acronym of the words “I owe you”. So an IOU coupon is a paper saying that you, the giver, owe the recipient something. “I owe you” is often used in casual speech for small money loans or favors with a friend or family member lender.
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