On the Back of an Envelope, Phoebe Writes, "I Promise

question 58

Essay

On the back of an envelope, Phoebe writes, "I promise to pay Quint or bearer $600 on demand. [Signed] Phoebe." What type of instrument is this? Is it negotiable? If not, why not?

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Definitions:

Business Operation

The day-to-day activities involved in running a business, including production, marketing, and managing finances.

Terminated

Refers to the action of ending or concluding something, such as employment, contracts, or legal obligations.

Sole Proprietorships

A type of business owned and operated by one individual, where there is no legal distinction between the owner and the business.

Corporations

Legal entities that are separate and distinct from their owners, providing limited liability, easy transferability of shares, and perpetual existence.