I.O.U. ("I owe you"), a written acknowledgment of a debt. It usually runs thus : An I.O.U., if worded as above, or even if the words "for value received" are added, needs no stamp in Britain, as it contains no term of agreement. If any such words as "to be paid on such a day" are added it requires a stamp. An I.O.U. should be addressed to the creditor by name, though its validity is not im paired by such omission. Being a distinct admission of a sum due,
it is prima facie evidence of an account stated, but where it is the only item of evidence of account it may be rebutted by showing there was no debt and no demand which could be enforced by virtue of it. An I.O.U. is not negotiable in the technical sense. (See