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, 2001. 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, 2001. [Signed] Edward Jones." What type of instrument is this? Is it nego?tiable? If not, why not?