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Smith and Roberson's Business Law 16th Edition by Richard Mann,Barry Roberts
Edition 16ISBN: 978-1285428253Smith and Roberson's Business Law 16th Edition by Richard Mann,Barry Roberts
Edition 16ISBN: 978-1285428253 Exercise 9
On March 10, Tolliver Tolles, also known as Thomas Towle, delivered to Alonzo Craig and Abigail Craig the following instrument, written by him in pencil:
For value received, I, Thomas Towle, promise to pay to the order of Alonzo Craig or Abigail Craig One Thousand Seventy-Five ($1,000.75) Dollars six months after my mother, Alma Tolles, dies with interest at the rate of 9 percent from date to maturity and after maturity at the rate of 9.75 percent. I hereby waive the benefit of all laws exempting real or personal property from levy or sale.
Is this instrument negotiable? Explain.
For value received, I, Thomas Towle, promise to pay to the order of Alonzo Craig or Abigail Craig One Thousand Seventy-Five ($1,000.75) Dollars six months after my mother, Alma Tolles, dies with interest at the rate of 9 percent from date to maturity and after maturity at the rate of 9.75 percent. I hereby waive the benefit of all laws exempting real or personal property from levy or sale.
Is this instrument negotiable? Explain.
Explanation
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Case summary:
Mr. TT, on March 10 delive...
Smith and Roberson's Business Law 16th Edition by Richard Mann,Barry Roberts
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