Alvin signs a promissory note payable to the order of Borrow & Spend Loan Company. The note states that it is payabl...
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. |
Homework Answers
Ans) the correct option is c) not necessarily nonnegotiable.
The note is negotiable because the note is payable with interest at the legal rate.
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