noun an abbreviation for 'I owe you'
In finance, an IOU is a written acknowledgment of a debt, often used informally between friends or family members.
In legal contexts, an IOU can be used as evidence of a debt owed by one party to another.
IOUs can be used in personal relationships to track favors or borrowed items that need to be repaid.
In business, an IOU can serve as a temporary acknowledgment of a debt until a formal agreement or payment is made.
In the publishing industry, writers may use 'IOU' as a plot device in a story or as a way to show a character owes another character something.
Psychologists may use 'IOU' as an example of a social contract or a form of debt in their research or when discussing interpersonal relationships with clients.
Accountants may use 'IOU' in financial transactions to indicate a debt owed by one party to another, often in informal or non-legal contexts.
Lawyers may use 'IOU' as evidence of a promise to pay or fulfill an obligation in legal disputes or negotiations, especially in cases involving debts or contracts.