Science Fair Project Encyclopedia
IOU
An IOU is a promise of money, goods, services, or other items of value, and may be either written or verbal. 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.
While it appears as an acronym, it is a homophone for I owe you.
IOU is also a cellular phone service on Vodafone New Zealand where if a customer sends the letters IOU by form of SMS (text messaging) to 464, he/she will get a NZ$2.00 top-up, which is repaid when the "debtor" next tops up his/her phone.
IOU can also refer to an investor-owned utility (energy) company.
10-26-2009 08:16:03
The contents of this article is licensed from www.wikipedia.org under the GNU Free Documentation License. Click here to see the transparent copy and copyright details
The contents of this article is licensed from www.wikipedia.org under the GNU Free Documentation License. Click here to see the transparent copy and copyright details