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 BrownIs the note negotiable? Explain.
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 BrownIs the note negotiable? Explain.
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 61P
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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.
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