Answer:
an IOU note
Explanation:
IOU or ’I owe you’ is an informal document that recognizes and acknowledges the debts. IOU is not the medium to discuss the conditions or the time to repay.
There is no standard format for the IOU. Time, date, interest, payments don’t have to be included in this document.
The informal nature of the IOU means that there is some uncertainty if it’s the real contract or not, so the law can’t be enforced so easily, like when the contract is formal. This is the reason why IOU is not considered as a negotiable instrument.
