Determine Whether the Following Instrument Is a Negotiable Instrument,addressing All

Essay

Determine whether the following instrument is a negotiable instrument,addressing all the requirements of negotiability in your response.
"I,Orville Wright,promise to pay $5,000 to Billy's Bicycle Parts in four equal installments of principal,beginning on January 1,2004,and on the same day in each of the next 3 years.Each payment will consist of $1,250 in principal,plus interest accrued since the date of this note,in the case of the first payment,or since the prior payment in the case of all other payments.Interest shall accrue at the rate of 8% per annum,or in the event of default,at the maximum rate allowed by law until the default is cured.This note is secured by collateral consisting of various experimental flying machines.This note may be paid in whole or in part prior to the due dates,and the interest accrued will be reduced accordingly.The due date for any payment under this note may be extended by mutual agreement of the parties up to 6 months from the due date as stated herein.The proceeds of this note will be used by Orville Wright to further his aviation experiments,and in the event those experiments are unsuccessful,the payment obligation is canceled.
Signed,Orville Wright 1/1/03