IOU

  

Definition

I Owe yoU. Non-negotiable debt instrument addressed to a creditor, dated, and signed by the borrower. It serves as an informal acknowledgment of a debt of a specified sum but (depending on the terminology used) may or may not serve as an evidence of debt in a court.

Use IOU in a sentence

  • You may accept an IOU from someone if you have done a lot of business in the past with them.

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  • Polly did not have enough money to buy her friends ipod, so she paid her half of the money and gave her an IOU for the remainder of the payment.

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  • Since my friend could not pay for her own lunch, I paid for her and accepted an IOU so that she could pay me back or buy me lunch at a later time.

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