Question and answer
You are interested in buying a new car and Bob let's you borrow one of the new cars on his lot for a week to test drive. You decide you like the car and when you visit Bob to drop off the car, he
hands you the following document and a pen: May 1, 201x I promise to pay to the order of Bob's Auto Emporium $20,000 (Twenty thousand dollars) with interest at the rate of 7% per annum. What type of instrument is this? Does this instrument meet the requirements for negotiability under the UCC?
It is a promissory note. It does not meet the requirements for negotiability under the UCC because it fails to state that it is is payable on demand or at a definite time.
Expert answered|unknown23|Points 40|
Question
Asked 11/10/2012 8:18:45 PM
0 Answers/Comments
Get an answer
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
21,942,441 questions answered
Popular Conversations
The Dietary Guidelines for Americans include all of the following ...
Weegy: D. do not drink alcoho User: What components of a food label can help consumers compare the amounts of ...
8/29/2015 2:28:18 AM| 2 Answers
Which of these religions is ...
8/29/2015 5:14:54 AM| 1 Answers
Who was at the top of the caste ...
8/29/2015 5:35:57 AM| 1 Answers
Weegy Stuff
S
P
C
L
P
L
1
P
P
1
P
1
P
L
P
R
Points 1278 [Total 11631]| Ratings 7| Comments 1208| Invitations 0|Offline
S
L
Points 798 [Total 1113]| Ratings 1| Comments 788| Invitations 0|Offline
S
1
L
L
Points 754 [Total 9222]| Ratings 3| Comments 714| Invitations 1|Offline
S
L
L
P
1
Points 737 [Total 9310]| Ratings 2| Comments 717| Invitations 0|Offline
S
Points 540 [Total 766]| Ratings 1| Comments 530| Invitations 0|Online
S
Points 242 [Total 250]| Ratings 0| Comments 242| Invitations 0|Offline
S
Points 224 [Total 224]| Ratings 3| Comments 194| Invitations 0|Offline
S
Points 214 [Total 533]| Ratings 1| Comments 204| Invitations 0|Offline
S
Points 178 [Total 255]| Ratings 0| Comments 178| Invitations 0|Offline
S
Points 144 [Total 175]| Ratings 0| Comments 144| Invitations 0|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2015 Purple Inc.