Solved

Jones Signed a 90-Day Note Promising to Pay $1,000 Plus

Question 18

True/False

Jones signed a 90-day note promising to pay $1,000 plus interest. The note states that interest is to be based on a variable, published rate external to the note. The sum the borrower must repay is uncertain, so the note is not negotiable under Revised Article 3.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q13: A check is a draft payable on

Q14: All but which one of the following

Q15: X signs a negotiable instrument ordering Y

Q16: A cashier's check is a check drawn

Q17: A signed promissory note stating "I promise

Q19: The court in Cooperative Centrale Raiffeisen-Boerenleenbank B.A.

Q20: Revised Article 1 of the UCC states

Q21: An "X" or a thumbprint could constitute

Q22: What are the requirements of negotiability under

Q23: Distinguish between a note and a certificate