Considering only the issue of terminology,not the issue of handwriting or whether Sophie properly performed,which of the following is true regarding whether the language "I,Reza Salehi,owe Sophie Smith $50" is insufficient to establish elements required for a negotiable instrument?
A)The language is sufficient because it acknowledges the debt and is unconditional.
B)The language is sufficient because it acknowledges the debt,and that is the only required standard.
C)The language is sufficient because it acknowledges the debt and is also a promise to pay.
D)The language is insufficient because it only acknowledges the debt and is not a promise to pay.
E)The language is sufficient only because the instrument is in an amount under $500.

Question

Quizplus · Accepted Answer

A)A common IOU is not a promise or an order to pay and cannot be a negotiable
instrument.
B)A common IOU is not a promise or an order to pay and cannot be a negotiable instrument.
C)A common IOU is not a promise or an order to pay and cannot be a negotiable instrument.
D)A common IOU is not a promise or an order to pay and cannot be a negotiable instrument.
E)A common IOU is not a promise or an order to pay and cannot be a negotiable instrument.

Considering Only the Issue of Terminology,not the Issue of Handwriting