According to the Contract Law of People's Republic of China (PRC):
Article 107 stipulates that if a party fails to perform its contractual obligations or fails to perform its contractual obligations, it shall be liable for breach of contract such as continuing to perform, taking remedial measures or compensating for losses.
Article 197 stipulates that the loan contract shall be in written form, unless otherwise agreed between natural persons. The contents of the loan contract include the loan type, currency, purpose, amount, interest rate, term and repayment method.
Article 201 stipulates that if the lender fails to provide the loan on the agreed date and amount, thus causing losses to the borrower, it shall compensate for the losses. If the borrower fails to collect the loan according to the agreed date and amount, it shall pay interest according to the agreed date and amount.
Extended data:
The trap to pay attention to when playing IOUs:
1. Case of deliberately misspelling the name of the IOU:
Wang and his son borrowed 200,000 yuan from a friend, and made a debit note, agreeing to return the arrears and interest one year later. Unexpectedly, Wang and his son played a trick when signing the loan, and deliberately wrote it.
Zhang Zongxiang didn't pay attention at that time. After the repayment period, Zhang Zongxiang found two people urging for a loan, but they refused to return the loan on the grounds that the name of the loan was not Zhang Zongxiang. In desperation, Wang and his son were brought to court. Although the court supported Zhang's claim, he also paid a huge price for his carelessness in accepting the loan.
I borrowed money, but I didn't write a case:
Wang Xiangzhang borrowed 1 10,000 yuan. When Zhang asked Wang to write the loan, Wang said that he went outside to find a pen and paper to write the loan, left the scene, came back soon, and handed the loan to Zhang. Zhang saw that the amount of the loan was correct and handed it to the king.
When Zhang asked for money back, Wang refused to accept it. Zhang had no choice but to sue the court, and the court entrusted the relevant departments to identify the handwriting and confirmed that the loan was not written by Wang. After verification by the court, Wang admitted that the loan was true and was written by others imitating their own handwriting.
3. Use ambiguous case:
Li borrowed 100000 yuan from Zhou and issued an IOU to Zhou. A year later, Li returned 5,000 yuan, so he asked Zhou to tear up the original IOU and issued a new IOU for Zhou: "Li borrowed cash from Zhou 100000 yuan, and he still owes 5,000 yuan."
The word "return" here can be understood as both "return" and "still owe". According to the relevant provisions of the Civil Procedure Law, "whoever claims and gives evidence", Zhou can't give other evidence to prove that Li still owes him 95,000 yuan, so his rights are not protected.
4. The situation of "receiving" instead of "borrowing":
Li borrowed 7,000 yuan from Sun and issued a receipt for Sun: "Receipt, I received a loan of 7,000 yuan from Sun today". After Sun sued the court, Li said in his defense that Sun's receipt owed him 7,000 yuan. Because Sun wrote him an iou, he wrote a receipt to Sun. Similarly, "receipt, I received a certain yuan today."
5. Cases of dual-use IOUs:
Liu Xiang borrowed 18000 yuan. Issue a receipt: "borrow cash 18000 yuan, Liu". After Liu returned the money, he issued a receipt for Liu on the grounds that the IOUs were lost. The third person, Xu, appealed to Liu to repay the loan 18000 yuan.
References:
Baidu Encyclopedia-People's Republic of China (PRC) Contract Law
References:
Baidu encyclopedia-IOUs