Business Law 13th Edition by Frank Cross, Kenneth Clarkson, Roger LeRoy Miller

Exercise 9

Negotiability. Michael Scotto borrowed $2,970 from Cindy Vinueza. Both of their signatures appeared at the bottom of a note that stated, "I Michael Scotto owe Cindy Vinueza $2,970 (two thousand and nine-hundred seventy dollars) agree to pay her back in full. Signed on this 26th day of September 2009." More than a year later, Vinueza filed a suit against Scotto to recover on the note. Scotto admitted that he had borrowed the funds, but he contended-without proof-that he had paid Vinueza in full. Is this note negotiable? Which party is likely to prevail? Why? [Vinueza v. Scotto, 30 Misc.3d 1229, 924 N.Y.S.2d 312 (1 Dist. 2011)] (See page 481.)