Rainey signs a promissory note for $10,000 in favor of State University (SU).The note is undated but specifies that it is "payable one month after date." This note is
A)negotiable.
B)nonnegotiable,because one month is not a reasonable time.
C)nonnegotiable,because there is no option to pay early.
D)nonnegotiable,because the maturity date cannot be deter?mined from the face of the instrument.

Question

Quizplus · Accepted Answer

The note is nonnegotiable because it lacks a specific date, making it impossible to determine the maturity date from the face of the instrument.

Rainey Signs a Promissory Note for $10,000 in Favor of State