An IOU is usually an informal document acknowledging a debt. The term is derived from the phrases I owe unto and I owe you. An IOU differs from a promissory note in that an IOU is not a negotiable instrument as defined by the Uniform Commercial Code and generally does not specify repayment terms such as the time of repayment. IOUs usually specify the debtor, the amount owed, and sometimes the creditor.
District of Columbia Debt Acknowledgment - IOU
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How to fill out Debt Acknowledgment - IOU?
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An IOU is a legal document that can be introduced in a court of law?though whether or not it is binding is open to dispute. Some authorities feel an IOU isn't binding at all; it's merely the acknowledgement that a debt exists.
Signatures of both parties. To be a legally binding document, this is a necessity. Signature of a witness. Some states actually require that the IOU be notarized in the presence of a witness.
Even though wills are considered more complicated contracts, they can still be handwritten to be considered legally enforceable. Handwritten agreements are also often used for more simple contracts such as IOUs and promises of a raise.
It must be remembered that an IOU is not a legal agreement and it relies entirely on the trust of the lender that the borrower will comply as stated. There is more difficulty in legally enforcing an IOU compared to other options such as a promissory note or a loan contract.
Promissory notes are quite simple and can be prepared by anyone. They do not need to be prepared by a lawyer or be notarized. It isn't even particularly significant whether a promissory note is handwritten or typed and printed.
