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8 August, 15:59

1. Zehra is an employee of Claire. It is payday, but Claire does not have the money to pay Zehra right away, so she signs a simple statement that says: "I owe Zehra $500 for her work this week." Claire then hands this paper to Zehra. This document is: a. A worthless piece of paper. b. A check. c. A negotiable instrument. d. A promissory note. e. An "I Owe You" - just evidence of a debt owed.

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  1. 8 August, 16:25
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    e. An "I Owe You" - just evidence of a debt owed.

    Explanation:

    AN IOU IS simply defined as a memorandum, promise or the acknoledgemet of an individual to refund or pay a debt, it can be signed especially in a paper stating the specific amount owed and usually bears the letters IOU (I OWE YOU). It cannot be stated as the same as a promissory note due to the fact that there is no direct expression of the promise to pay.
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Home » Business » 1. Zehra is an employee of Claire. It is payday, but Claire does not have the money to pay Zehra right away, so she signs a simple statement that says: "I owe Zehra $500 for her work this week." Claire then hands this paper to Zehra.
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