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

question 46

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.

---

Definitions:

Wage Labor

An employment system where workers are paid a fixed rate for the hours they work, as opposed to being paid a salary or owning a share of production.

Economic Independence

The condition of having sufficient personal wealth to live, without needing to work for basic necessities.

Poverty

The state of being extremely poor or lacking sufficient resources to meet basic living needs such as food, shelter, and healthcare.

Ghost Dance Movement

A spiritual movement that emerged among Native American peoples, which prophesied an end to European American expansion and a revival of the Native American way of life.