Legal Question in Business Law in District of Columbia

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 5/09/13, 8:30 pm

1 Answer from Attorneys

Edward Hoffman Law Offices of Edward A. Hoffman

Sorry. You'll have to do your own homework.

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Answered on 5/10/13, 11:44 am

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