I wrote the IOU and the other party signed it, which has legal effect. Legal IOU: 1. The words on the IOU have a real/clear meaning, so simple that someone owes someone a few dollars, and if both parties sign it, they will definitely return it one day. 2. If you owe a loan or an iou, you must clearly state the rights and obligations of both parties. Words are unambiguous.

Legal analysis

Folk IOUs have legal effect. The true expression of the meaning of IOU refers to the freedom/agreement of IOU or IOU, and the non-freedom refers to the situation that both parties or one party coerce/take advantage of others' danger/cheat/violate laws, regulations or public interests. At this point, the party whose freedom is restricted can exercise the right of revocation (it must apply to the court and provide evidence). Inconsistency refers to the situations that may affect the validity of IOUs or IOUs (valid/invalid/one party has the right to cancel them), such as true intention reservation/false representation/concealment behavior/error/misinformation, and other civil acts that can be revoked, such as obvious obviously unfair/major misunderstanding. If. Without an iou, the meaning of both parties is untrue. The intention is clear and unambiguous, and the words are unambiguous. Whether the written form is standardized or not, it has complete/unrestricted legal effect. If the loan contract between natural persons does not stipulate or clearly stipulate the payment of interest, it shall be regarded as non-payment. If the loan contract between natural persons stipulates to pay interest, the loan interest rate shall not violate the relevant provisions of the state on limiting the loan interest rate. The statute of limitations for IOUs is three years. For the IOUs with repayment date indicated, the limitation of action starts from the repayment date indicated. If the repayment date is not indicated in the IOU, the limitation of action shall be counted from the day after the debtor issues the IOU.

legal ground

People's Republic of China (PRC) Civil Code

Article 188 The limitation of action for requesting the people's court to protect civil rights shall be three years. Where there are other provisions in the law, those provisions shall prevail. The limitation period of action shall be counted from the date when the creditor knows or should know that the right is damaged and the debtor knows it. Where there are other provisions in the law, those provisions shall prevail. However, the people's court shall not protect the rights that have been damaged for more than 20 years. Under special circumstances, the people's court may decide to extend the time according to the application of the obligee.

Article 679 A loan contract between natural persons is established when the lender provides the loan.

Article 680 usury is prohibited and the loan interest rate shall not violate the relevant provisions of the state. If there is no agreement on the payment of interest in the loan contract, it shall be deemed that there is no interest. If the loan contract does not specify the payment method of interest, and the parties cannot reach a supplementary agreement, the interest shall be determined according to the local or the parties' trading methods, trading habits, market interest rates and other factors; Loans between natural persons are regarded as interest-free.