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The English term "debt" was first used in the late 13th century and comes by way of Old French from the Latin verb debere, "to owe; to have from someone else." [3] The related term "debtor" was first used in English also in the early 13th century.
The person who owes the bill or debt is the debtor. Debtors may fail to pay (default) for various reasons: because of a lack of financial planning or overcommitment on their part; due to an unforeseen eventuality such as the loss of a job or health problems; dispute or disagreement over the debt or what is being billed for; or dishonesty on the ...
A debtor or debitor is a legal entity (legal person) that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor. When the counterpart of this debt arrangement is a bank, the debtor is more often referred to as a borrower.
It is a person or institution to whom money is owed. [1] The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract) that the second party will return an equivalent property and service. The second party is frequently called a debtor or borrower. The first party is ...
Accounts receivable represents money owed by entities to the firm on the sale of products or services on credit. In most business entities, accounts receivable is typically executed by generating an invoice and either mailing or electronically delivering it to the customer, who, in turn, must pay it within an established timeframe, called credit terms [citation needed] or payment terms.
An outstanding balance on a credit card is the amount of money you owe the minute you check your account. This amount includes all charges on your account you have not paid for, including recent ...
An authority or service may equally owe a duty of care to individuals to protect them from harm. [39] In Reeves v Commissioner of Police of the Metropolis, [40] the police were found to have owed a duty to a prisoner – who was known to be a suicide risk – to ensure he did not commit suicide in their custody. [39]
An IOU (abbreviated from the phrase "I owe you" [1] [2]) is usually an informal document acknowledging debt. An IOU differs from a promissory note in that an IOU is not a negotiable instrument and does not specify repayment terms such as the time of repayment. IOUs usually specify the debtor, the amount owed, and sometimes the creditor.