online dictionaries of abbreviations

C E F I L N O P R T V W
IO IP IR

IOU

I Owe You
A promise of money, goods, services, or other items of value, which may be either written or verbal. It is commonly held that the name derives from the phonetic pronunciations of the respective letters, which sound like the phrase "I owe you". An IOU is less formal than a contract such as a promissory note, and, unless in the form of a written document stating that the value discussed will be repaid within a certain time, is generally not held to be legally binding (in addition to considerations such as the unenforceability of gambling debts in some nations).
See also: PN

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