Joel's car broke down on a dark,rainy night.Along came Andy in his four-wheel drive truck with tools and supplies in the back.Joel didn't have any credit cards and had only $3.25 cash,so Andy told him to write a check or an IOU.Neither Andy nor Joel had any paper,so Joel wrote on the cover of Andy's lunchbox: "If my car is fixed right by Andy Walcott,I will pay him $150.(Signed)Joel Boyd." Andy indorses the note and takes it to a bank for negotiation.The bank refuses,saying it is non-negotiable because:

Question

Quizplus · Accepted Answer

The note is conditional on satisfactory repair of the car, which makes it non-negotiable. A negotiable instrument must be an unconditional promise to pay a fixed amount at a specified time, and this note depends on the subjective judgment of Andy's repair work.

Joel's Car Broke Down on a Dark,rainy Night