Iou

Part of speech: noun

Definitions

1. An acknowledgment of a debt, often in written form
2. A document that signifies a promise to pay back a borrowed sum
3. A casual term used to represent an informal agreement to repay money owed

Etymology: The word "IOU" is simply the letters I, O and U spelled out, and it is pronounced "I owe you." Its origin is a sound-alike trick: the written abbreviation stands for the spoken phrase, which is why the three letters work as a noun for a written acknowledgment of debt. The earliest records of the term appear in English in the 17th century, when the phrase "I owe you" was already common in everyday speech and in written accounts of money lent between people. Writers began using the abbreviated form on signed slips of paper that recorded a debt, and by the 1700s the abbreviation had become a standard name for such a slip. The letters are a shorthand for the spoken words rather than an acronym formed from a longer title. Because the pronunciation of the letters matches the phrase closely, the abbreviation remained a clear and informal way to name a simple written debt.

Synonyms: debt acknowledgment, promissory note, debt note, loan agreement, acknowledgment