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Can you provide examples of IOUs and explain how they are typically used in financial transactions?

Minnie Crist ∙

Lvl 10

∙ 1mo ago

Updated: 2/15/2025

An IOU is a written acknowledgment of a debt owed by one party to another. It is commonly used in informal financial transactions between individuals or businesses. Examples of IOUs include notes promising to repay borrowed money, goods, or services at a later date. IOUs serve as a temporary record of the debt until a formal agreement or payment is made.

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Q: Can you provide examples of IOUs and explain how they are typically used in financial transactions?

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