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

Exercise 2

W. H. Bailey drew up a promissory note payable to California Dreamstreet, an investment firm. The note read as follows: "Dr. William H. Bailey promises to pay to the order of California Dreamstreet the sum of $329,800." Dreamstreet then negotiated the note to Cooperative Centrale Raiffeisen-Boerenleenbank B.A., a foreign bank. Bailey defaulted and Cooperative Centrale filed suit against him to recover on the note. Is the note executed by Bailey a negotiable instrument? (Cooperative Centrale Raiffeisen-Boerenleenbank B.A. v. Bailey, 9 UCC Rep. Serv.2d 145)