1. The basic contents of IOUs include: creditor's name, loan amount (local and foreign currency), interest calculation, repayment time, liquidated damages (deferred repayment), dispute resolution method, debtor's name, loan date and other elements.
2. As long as the creditor's name, loan amount, debtor's name and loan date are complete, it meets the main conditions of the iou, so it has legal effect. Once a dispute arises, it can be used as evidence to claim creditor's rights to the people's court, and the people's court will accept it.
Legal basis: Civil Code of People's Republic of China (PRC).
Article 667 A loan contract is a contract in which the borrower borrows money from the lender, repays the loan at maturity and pays interest.
Article 668 A loan contract shall be in written form, unless otherwise agreed between natural persons.
The contents of a loan contract generally include terms such as loan type, currency, purpose, amount, interest rate, term and repayment method.
Article 669 When concluding a loan contract, the borrower shall, at the request of the lender, provide the true information about the business activities and financial status related to the loan.