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Posted by on Tuesday, June 19, 2012 at 11:17am.

Janet Wilson accepts an IOU from her employer in place of a paycheck. Wilson offers the IOU as payment for her groceries. Do you think the grocery store is likely to accept this type of payment?Why?

My answer: No, because an IOU is not a reliable source of payment. Am I correct?

  • business law - , Wednesday, June 20, 2012 at 3:35pm

    Yes. The store will not accept an IOU as payment because it is not credible and can easily be forged.

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