Karen writes on a piece of paper,"I owe you $600," signs it,and gives it to Lou.This instrument is
A)negotiable.
B)nonnegotiable,because it does not include an express promise to pay.
C)nonnegotiable,because it does not recite any consideration.
D)nonnegotiable,because it does not state any conditions to payment.

Question

Quizplus · Accepted Answer

The instrument is nonnegotiable because it lacks an express promise to pay, which is an essential feature of a negotiable instrument.

Karen Writes on a Piece of Paper,"I Owe You $600