What exactly is the difference between an IOU, an IOU, and a receipt

First of all, the nature of IOUs and IOUs is different, and the reasons for their formation are different, borrowing is mainly due to borrowing, and arrears may be due to sales, leases, interest, etc. Second, if there is no agreed repayment period in the IOU, the statute of limitations shall be calculated from the date on which the arrears are formed, and if the repayment period is agreed, it shall be calculated from the expiration of the repayment period. In other words, the statute of limitations is the same for IOUs and IOUs that have agreed on the repayment period, and there is a difference between IOUs and IOUs without an agreed repayment period.

Thirdly, for an IOU without a repayment period, the lender can request repayment from the borrower at any time, and the statute of limitations starts from the time when the right holder asserts its rights, and the validity of the IOU can be up to 20 years. However, an IOU without a performance period is a settlement of past economic exchanges between the two parties, and the right holder shall claim its rights with the people's court within three years from the date of issuance of the IOU. Finally, if there is no agreed repayment date for the loan, then the creditor can claim it at any time, and the limitation period starts from the time when the debtor refuses to repay, and the maximum limitation period shall not exceed 20 years, and if the repayment period is agreed, the limitation period starts from the expiration of the repayment period.

IOU: An IOU is a creditor's right relationship between the parties in the course of economic exchanges, such as arrears formed by sales, damages, labor services, etc., and a settlement basis issued by the debtor to the creditor. The IOU must state the name of the creditor, the amount and currency of the debt (such as RMB or USD, etc., in upper and lower case), the time of the arrears, and finally the signature or seal of the debtor, and the date of issuance of the IOU.

The law stipulates that the limitation period for IOUs is 2 years, and the limitation period for IOUs that have indicated the date of performance of the arrears shall be calculated from the date on which the date of repayment of the arrears is indicated, and for the IOUs that do not indicate the date of performance of the arrears, the limitation period shall be calculated from the day after the debtor issues the IOUs.

IOU: An IOU is a kind of note written to the other party when borrowing cash or property from others to prove the existence of claims and debts.

Receipt: A receipt refers to the basis of receipt issued by the person receiving the property to the deliverer after one party has handed over the property to the other party. An IOU is a proof of the debt relationship between the creditor and the debtor, and a receipt is a document given to the other party after receiving money and goods, and will not create a creditor's rights relationship.

Legal analysis: An IOU is a legal document that proves the fact that arrears arise due to all economic relations, and the scope is far greater than that of an IOU, which is only a certificate to prove the borrowing relationship. A receipt is a certificate of receipt of the other party's property, which cannot prove the creditor-debtor relationship, but can prove the repayment of the debt, and can oppose the IOU and IOU.

Legal basis: Civil Code of the People's Republic of China

Article 667 A loan contract is a contract in which the borrower borrows money from the lender and returns the loan at maturity and pays interest.

Article 668: The loan contract shall be in written form, unless otherwise agreed upon between natural persons. The content of the loan contract generally includes the type of loan, currency, purpose, amount, interest rate, term and repayment method.

IOUs and IOUsAlmost the same, Zhang San borrowed money from Li Si, and Zhang San (the borrower) could write an IOU or an IOU, and after writing it, it was handed over to Li Si (the lender), and before repayment, this IOU or IOU was kept by Li Si as the basis for Li Si's claim for debt.

If you must distinguish the difference between an IOU and an IOU, there are the following differences:

An IOU is an IOU that the debtor owes to the creditor, and the two originally had some cooperative (or employment) relationship, but the debtor could not give the money, so they had to make an IOU to prove that the debt was established.

An IOU is an IOU in which the borrower borrows money from the lender, and the two have no economic relationship in the first place, but an economic relationship arises from the borrowing. But borrowing can also be IOUs.

ReceiptsIn contrast to an IOU, it proves that the payer has made the payment.

For example, the above-mentioned Zhang San borrowed Li Si's money and gave Li Si an IOU, and when Zhang San originally repaid the loan, Li Si should have returned the IOU to Zhang San (or destroyed it in person). But Li Si lost the IOU, what should I do? In order to prevent Li Si from repeatedly claiming the debt after finding the IOU in the future, Li Si needs to send a receipt to Zhang San to prove that Li Si has recovered the loan and the debt has been settled.

Zhang San kept this receipt as the basis for repayment.

But there is another situation, such as Zhang San and Li Si cooperating in business, Zhang San only contributed the capital and handed it over to Li Si to operate, and Li Si also needed to give Zhang San a receipt to prove that Zhang San did give money. This kind of payment is not due to debt, but for other reasons, and also needs to be paid.