IOU is the initialism for 'I Owe You' and describes an informal prompt regarding debt servicing.
01 Nov 2023, 12:34
IOU is the initialism for ‘I Owe You’ and describes an informal prompt regarding debt servicing. The term is a crude contract with no severe implications in the event of a defaulting party. Thus, individuals usually sign IOUs knowing that they have nothing to hold the other party…