Cengage Advantage Books: Business Law 9th Edition by Arnold Goldman ,William Sigismond

Exercise 17

Lindsay signed a note to Clements that stated, "On or about five years from date, I promise to pay Bonnie M. Clements $25,000 without interest." When Lindsay failed to pay the note, Clements sued. Lindsay claimed that the note was invalid because it did not contain any fixed or determined future time for payment. Will Clements recover on the note? (Clements v. Lindsay, La. 320 So. 2d 608)