WORD OF THE DAY

Function: noun (count)

IOU

Plural: IOUs

Status: informal

Meaning:
A written promise to pay a debt.
e.g. I don't have any cash with me now, so I'll have to give you an IOU for my share.

Note: IOU is often used figuratively.
e.g. The governor has acquired some political IOUs over the years.


Originally IOU = "I owe you."