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Unconditional Promise
A commitment to act or refrain from acting in a certain manner that does not rely on any conditions or occurrences for its fulfillment.
IOU
An informal document that acknowledges a debt owed by one party to another, but not necessarily specifying repayment terms.
Acknowledging A Debt
An act by which a debtor recognizes their debt and reaffirms their obligation to pay it, often to prevent the statute of limitations from expiring.
Negotiability
The characteristic of a document (such as a check or note) signifying that it can be transferred from one person to another in a manner that the recipient takes it free of most defenses that could be raised by the original maker or drawer.
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