Exam 24: B: The Function Creation of Negotiable Instruments

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Rita owes $6,000 in unpaid taxes.In the sand of Seaside Beach,she exe?cutes an instrument for that amount that otherwise meets the re?quire?ments for negotiability.This instrument is likely

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The accounting department of Delta Sales Company receives an instru?ment that states,"March 16,2011.Thirty days after date,I promise to pay to the order of cash,$700 (seven hundred and 00/100 dollars),in Denver,Colorado,with interest at the rate of 7% (seven percent)per year.This in?strument is secured by a contract for the sale of a computer.Due April 15,2011.[Signed] Edward Jones." What type of instrument is this? Is it nego?tiable? If not,why not?

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