The Accounting Department of Delta Sales Company Receives an Instru?ment

Essay

The accounting department of Delta Sales Company receives an instru?ment that states,"March 16,2011.Thirty days after date,I promise to pay to the order of cash,$700 (seven hundred and 00/100 dollars),in Denver,Colorado,with interest at the rate of 7% (seven percent)per year.This in?strument is secured by a contract for the sale of a computer.Due April 15,2011.[Signed] Edward Jones." What type of instrument is this? Is it nego?tiable? If not,why not?