37.Leslie signs a promissory note payable to the order of Mays First Bank. The note states that it is payable “with interest at the legal rate.” This note is
a.negotiable.
b.nonnegotiable, because it does not specify a rate of interest.
c.nonnegotiable, because it is payable with interest.
d.nonnegotiable, because the exact amount payable cannot be determined from the face of the instrument.
38.Bella wants one of Lena’s purebred collies. Bella signs an instrument in which she promises to pay Lena for a puppy. The instrument will be negotiable if it is payable in
a.goods of equal market value.
b.money.
c.any of the choices.
d.shares of stock.
37.Leslie signs a promissory note payable to the order of Mays First Bank. The note states that it is payable “with interest at the legal rate.” This note is a) negotiable. because the interest rate is not explicitly mentioned in the note.
38.Bella wants one of Lena’s purebred collies. Bella signs an instrument in which she promises to pay Lena for a puppy. The instrument will be negotiable if it is payable in b. money. As the other medium of exchanges such as a stock, gold change in value so they are not acceptable as part of negotiable instruments act.
PS- Please upvote if you find the answer useful and comment in case of any doubts. Request you to kindly leave a comment in case of any concerns as it would help refine the solution as opposed to a downvote.
37.Leslie signs a promissory note payable to the order of Mays First Bank. The note states...
Eden signs a promissory note payable to the order of First Mortgage Company. The note states that it is payable “with interest at the legal rate.” This note is a. nonnegotiable, because the exact amount payable cannot be determined from the face of the instrument. b. nonnegotiable, because it does not specify a rate of interest. c. negotiable. d. nonnegotiable, because it is payable with interest.
Alvin signs a promissory note payable to the order of Borrow & Spend Loan Company. The note states that it is payable “with interest at the legal rate.” This note is a. nonnegotiable, because it is payable only with interest. b. nonnegotiable, because it is a promissory note. c. not necessarily nonnegotiable. d. nonnegotiable, because it does not specify a rate of interest.
Kurt, a successful author, signs a promissory note that he gives to Raj. The note states that the sum of $10,000 is due and payable at such time when Kurt publishes his next book. Which of the following statements is most accurate? A. Given Kurt's success as an author, the promissory note is a negotiable instrument. B. Given that Raj could demand payment from Kurt, the promissory note is a negotiable instrument. C. Article 3 does not apply to the...