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However, to say that a written IOU has no legal value is incorrect.But if someone you cannot or do not want to refuse needs a loan at a time or place when you can get no lawyer, note or collateral, a signed IOU is enforceable written evidence of a debt.

An IOU (abbreviated from the phrase "I owe you") is usually an informal document acknowledging debt. An IOU differs from a promissory note in that an IOU is not a negotiable instrument and does not specify repayment terms such as the time of repayment.

An IOU is a document that acknowledges a debt owed. In business, accounts receivable may be informally called IOUs.

An IOU is a document that acknowledges a debt owed. In business, accounts receivable may be informally called IOUs.However, IOUs are still very much in use. An IOU between two people conducting business may be followed up with a more formal written agreement.

Usually, an IOU is a signed informal notice of an unpaid debt, sometimes because of partial payment and an outstanding balance due. For example, Company XYZ may buy raw materials for its production but until it sells the finished product, it does not have sufficient cash flow to pay for the raw materials in full.

Usually, an IOU is a signed informal notice of an unpaid debt, sometimes because of partial payment and an outstanding balance due. For example, Company XYZ may buy raw materials for its production but until it sells the finished product, it does not have sufficient cash flow to pay for the raw materials in full.

Mention the Names of Promisor and Promisee. Mention the full name of the person who owes debt to another party. State the Essential Details. Mention Type and Kind of Loan. Putting the Signatures of the Legally Bound. Essentials of IOU Letter. Sample of IOU Letter.