Promise

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1 Sections
1 Types

August 31, 2024 4 min read Definitions

Finance Accounting Debt Promise Informal Document Unsecured Payment

An IOU is an informal document acknowledging debt. It is a written promise to pay back money owed, but it does not qualify as a legally binding contract.

August 25, 2024 4 min read Definitions

Commitment: Definition and Applicability

Legal Business Promise Obligation Performance Legal Terms Business Terms

Commitment refers to a promise or pledge made by one individual to another, often legally binding, involving obligations or performance of certain acts.