Henry purchased an automobile from Iso Motors, and as a part of the payment, gave Iso Motors a promissory note in the amount of $4,000. If the promissory note is properly drawn and signed by Henry, Iso Motors may negotiate it to Friendly Finance Company.

Question

Quizplus · Accepted Answer

A promissory note is a negotiable instrument that represents a promise to pay a specified amount of money at a future date or on demand. If it is properly drawn and signed, it can be negotiated or transferred to another party, such as Friendly Finance Company, by endorsement or delivery.

Henry Purchased an Automobile from Iso Motors, and as a Part