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Smith and Roberson's Business Law 16th Edition by Richard Mann,Barry Roberts
Edition 16ISBN: 978-1285428253Smith and Roberson's Business Law 16th Edition by Richard Mann,Barry Roberts
Edition 16ISBN: 978-1285428253 Exercise 12
For the balance due on the purchase of a tractor Henry Brown executed and delivered to Jane Jones his promissory note containing the following language:
January 1, 2014, I promise to pay to the order of Jane Jones the sum of $7,000 to be paid only out of my checking account at the XYZ National Bank in Pinckard, Illinois, in two installments of $3,500 each, payable on May 1, 2014, and on July 1, 2014, provided that if I fail to pay the first installment on the due date, the entire sum shall become immediately due.
(Signed) Henry Brown
Is the note negotiable? Explain.
January 1, 2014, I promise to pay to the order of Jane Jones the sum of $7,000 to be paid only out of my checking account at the XYZ National Bank in Pinckard, Illinois, in two installments of $3,500 each, payable on May 1, 2014, and on July 1, 2014, provided that if I fail to pay the first installment on the due date, the entire sum shall become immediately due.
(Signed) Henry Brown
Is the note negotiable? Explain.
Explanation
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Smith and Roberson's Business Law 16th Edition by Richard Mann,Barry Roberts
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