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It depends on what was written on the IOU. An IOU is an informal declaration that one person owes some money to another. If that's all the writing states then it will not reach the status of a promissory note. A promissory note must meet certain legal requirements:
- must state the amount borrowed and from whom it was borrowed
- must state when it will be paid back
- or, must state it will be paid back on demand
- must be signed by the borrower
It depends on what was written on the IOU. An IOU is an informal declaration that one person owes some money to another. If that's all the writing states then it will not reach the status of a promissory note. A promissory note must meet certain legal requirements:
- must state the amount borrowed and from whom it was borrowed
- must state when it will be paid back
- or, must state it will be paid back on demand
- must be signed by the borrower
It depends on what was written on the IOU. An IOU is an informal declaration that one person owes some money to another. If that's all the writing states then it will not reach the status of a promissory note. A promissory note must meet certain legal requirements:
- must state the amount borrowed and from whom it was borrowed
- must state when it will be paid back
- or, must state it will be paid back on demand
- must be signed by the borrower
It depends on what was written on the IOU. An IOU is an informal declaration that one person owes some money to another. If that's all the writing states then it will not reach the status of a promissory note. A promissory note must meet certain legal requirements:
- must state the amount borrowed and from whom it was borrowed
- must state when it will be paid back
- or, must state it will be paid back on demand
- must be signed by the borrower
What else can I help you with?
What is presentment of promissory note?
A "Promissory Note" is a legal IOU. 'Presentment' of it, means that you (or someone) is cashing it in, and wants to be paid.
Is an IOU the same as a promissory note?
Yes, and if properly executed and witnessed it could be considered a legally binding contract.
What is an example of a promissory note?
putang ina i print ninyo ito siguro taga mon------i school sa bayan nagtatanong nito
If you loan your friend money should he sign a promissory note or an IOU?
Only if you ever want to see your money again.
When should one get a promissory note?
A promissory note is to provide and record details of a loan. One should receive one if a personal loan, business loan or real estate transaction has taken place. A promissory note is legally binding and can be used in a court of law if the borrower does not pay. It is a more complicated version of an IOU.
Can you do a promissory note with no money exchanged?
Yes, but it wouldn't necessarily be binding as there must be consideration provided by both parties to such a agreement. The note would have no value and would be nothing more than an IOU.
What an Iou note?
An IOU note is a informal document acknowledging a debt. It typically includes the amount owed, the names of the lender and borrower, and the date the debt was incurred. While it serves as a record of the obligation, it is not a legally binding contract like a promissory note. IOUs are often used in personal transactions between friends or family.
Does a family IOU signed by those involved have an expiry date and is the document considered legal and binding?
A signed IOU can be legally binding. It can be enforced by the estate if needed.
what is a cash flow note?
In the language of the private cash flow business the word "note" is shorthand for promissory note. While it is easy to get tripped up in the various types of notes, this term refers to an official IOU; the right to collect payments based on terms outlined in the promissory note itself. http://ezinearticles.com/?What-is-a-Cash-Flow-Note?&id=1443655 what is cash flow note A cash flow note is a written document where someone promises to pay. The amount, the interest rate and the length of time will be printed on the note. It is a promissory note or a debt. To use them you would be a debt collector.
Which is an example of representative money?
an IOU note
What are your options if you buy a car for your friend and he signs a contract that says he will pay but he doesn't?
Depending on how the contract is worded, small claims court may help. If it is just a generic IOU not stating what the loan is for or how it is to be repaid rather than a promissory note, it might not hold up as substantiating evidence.
What are the money specifics involving the Federal Reserve Note?
A Federal Reserve note is a monetary instrument that is recognized as currency by the United States and most other countries of the world*. It is "legal tender" in that all payments of debts within the US may be paid with FRN's. It is technically a promissory note issued by the Federal Treasury through the Federal Reserve System, a nominally autonomous agency of the US government, and backed by the "full faith and credit" of the United States. (* The US government, although committed to redeem these notes, has established restrictions on the type and amount of cash transactions by its citizens.) On the Legal Nature of NotesFirstly, the word "note" is defined in the Oxford dictionary in its seventh entry as a "promissory note, written promise to pay, co-signed promissory note, IOU, or note of hand. The real problem with the Federal Reserve Note is that the currency was foisted upon the public without teaching them the ramifications except in abstruse books like "The General Theory of Money, Interest, and Employment". While the public may not be deceived, it must contend with what is created by the hierarchy. The details of the concept of money are not complex, but too many details can cause people to lose interest. Moreover, the note factor means that instead of legalizing a certificate in 1930, the hierarchy legalized debt and took out gold as the specie. "This note is legal tender for all debts public and private" is the legal provision written on the face of the FRN. In other words, the paper was made into "fiat or legal" currency.
