IOU

Promise on paper

An IOU is a signed paper acknowledging a debt—the letters represent "I owe you." It's an informal promise to pay, not a formal contract: He gave me an IOU for the fifty bucks.

Figuratively, an IOU can be any obligation owed: After all those favors, he's got a stack of IOUs to collect.

informal

handshake

Mutual palm-gripping gesture

trustConfidence in another
good-faithHonest and sincere intent
verbalOf or in words

unwritten · personal · casual · friendly · family · favor · understanding · reciprocal · unofficial · nonbinding

debt

obligation

Required task or commitment

creditorOne owed money
liabilityLegal or financial obligation
defaultPreset standard option

arrears · overdue · owed · debtor · repayment · balance · outstanding · payable · receivable · ledger

promise

pledge

Binding promise given

commitmentFirm pledge to act
guaranteeFormal promise of fulfillment
assuranceFirm promise or certainty

bond · agreement · word · undertaking · covenant · vow · acknowledgment · marker · voucher · promissory

Categories

debt recordsinvoice, bill, statement, ledger, promissory note
financial agreementsloan agreement, credit agreement, loan contract, promissory note, loan
promissory notesdemand note, mortgage note
debtscredit card debt, car loan, student loan, loans, bank loan
commitmentsvow, pledge, oath, vows, promise
Symbols and Abbreviationsabbreviation, acronym, shorthand, initialism, contraction

Opposites

formality of financial instrument

IOUformal contract

Legally enforceable written agreement

promissory note · binding contract · certified check · bank note · mortgage document

direction of obligation

Written payment acknowledgment

you owe me · accounts receivable · credit note · invoice · bill

debt vs. payment

IOUcash payment

Transaction using physical currency

wire transfer · receipt · settlement · cash on the barrelhead · money in hand

Family

Familiarity: Top 100,000
Profile: Known to kids · Used worldwide · Timeless · Everyday, not technical · Rated G