What is a I.O.U?

An I.O.U, or "I owe you," is a simple document acknowledging a debt between two parties. It typically includes the amount owed, the names of the borrower and lender, and often the date of the agreement. Unlike formal loan agreements, an I.O.U is generally less detailed and may not specify repayment terms, making it more informal. It serves as a written reminder of the obligation to repay the borrowed amount.