On the Back of an Envelope, Phoebe Writes, "I Promise
On the back of an envelope, Phoebe writes, "I promise to pay Quint or bearer $600 on demand. [Signed] Phoebe." What type of instrument is this? Is it negotiable? If not, why not?
Jacob signs a promissory note payable to Kent "with interest" on which he conspicuously notes that it is "nonnegotiable." This instrument is
B) nonnegotiable, because it includes the notation "nonnegotiable."
C) nonnegotiable, because it does not specify a rate of interest.
D) nonnegotiable, because the exact amount payable cannot be determined from the face of the instrument.
Theo signs a check payable to the order of Urban Bank, filling in the blanks for the amount with the figures "$100" and "One thousand and 00/100 dollars." This check is payable in the amount of
On May 1, Mia signs a check that is payable to the order of Nicole and that is dated July 1. This check is
B) nonnegotiable, because it is payable to a corporation.
C) nonnegotiable, because it is postdated.
D) nonnegotiable, because it is signed by the drawer.