Brownies Inc. signs an instrument that promises to pay Chocolate Company a certain price, with interest, for a shipment of refined cocoa. By the terms of the instrument, it must be paid on its presentment, but no time for payment is specified. This instrument is

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The instrument is negotiable because it contains an unconditional promise to pay a fixed amount of money, and the fact that it is payable on presentment or that no time for payment is specified does not affect its negotiability.