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Negotiability
The quality of a financial instrument that allows it to be transferred or assigned from one party to another with ease.
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.
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