Smith and Roberson's Business Law 16th Edition by Richard Mann,Barry Roberts

Exercise 1

Broadway Management Corporation obtained a judgment against Briggs. The note on which the judgment was based reads in part: "Ninety Days after date, I, we, or either of us, promise to pay to the order of Three Thousand Four Hundred Ninety Eight and 45/100 Dollars." (The underlined words and symbols were typed in; the remainder was printed.) There are no blanks on the face of the instrument, any unused space having been filled in with hyphens. The note contains clauses permitting acceleration in the event the holder deems itself insecure and authorizes judgment "if this note is not paid at any stated or accelerated maturity." Explain whether the note is negotiable order paper.