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What is the full form of IOU ?

IOU - I Owe yoU

"I Owe You" is usually an informal signed document that shows the debt owed. The document is usually signed by the borrower and given to a creditor, as an acknowledgement.

An IOU document is kind of uncomplicated document as it does not have any detail regarding the terms and condition on which the debt has to be repaid. This non-negotiable debt instrument could be used as a method of documenting small debts between friends, family, employees and even an organization.

The IOU document may not serve as an evidence of the debt at the time of legal proceedings.

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