Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson

Exercise 12

Gary Vaughn executed a document stating that Fred and Martha Smith were loaning him $9,900. With regard to when the loan was to be repaid, the document stated, "when you can." About eighteen months later, the Smiths sued Vaughn for the entire amount, contending that the document was a note payable on demand and that it was a negotiable instrument. Was the document a negotiable note?