Legal Question in Business Law in Virginia

You are interested in buying a new car and Bob let's you borrow one of the new cars on his lot for a week to test drive. You decide you like the car and when you visit Bob to drop off the car, he hands you the following document and a pen: May 1, 201x I promise to pay to the order of Bob's Auto Emporium $20,000 (Twenty thousand dollars) with interest at the rate of 7% per annum. What type of instrument is this? Does this instrument meet the requirements for negotiability under the UCC?

Asked on 2/06/12, 2:21 pm

1 Answer from Attorneys

Michael E. Hendrickson Attorney & Counsellor at Law
0 users found helpful
0 attorneys agreed

Sounds like a defective promissory note which fails

to specify what the promise to pay is for, and, therefore, probably

would fail any test as to its negotiability.

Read more
2/06/12, 2:46 pm

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