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Does the debt written by the father-in-law to borrow money from the son-in-law have legal effect?
The IOU written by the father-in-law to borrow money from the son-in-law is legally binding.

Contract law of the people's Republic of China

Article 32 A contract is concluded by the parties in the form of a contract, and it is established when both parties sign or seal it.

Article 44 A legally established contract shall come into force upon its establishment.

Where laws and administrative regulations stipulate that examination and approval, registration and other procedures shall be handled, such provisions shall prevail.