Disregarding the Issue of Whether Paula Properly Performed,is the Statement

question 40

Multiple Choice

Disregarding the issue of whether Paula properly performed,is the statement "I,John Jones,promise to pay Paula Smith or to bearer,the sum of $100 on Monday,July 22,2008," without a signature anywhere else on the document,sufficient to satisfy the signature requirement of negotiability?

• A) Yes, because it contains an unconditional promise to pay; and in the handwritten promise, the maker wrote his own name.
• B) Yes, it is sufficient regardless of whether it is in handwriting or not because it contains an unconditional promise to pay.
• C) No, because it was not signed at the bottom.
• D) Yes, but only if John later signed another document confirming that he meant the handwritten statement to constitute his signature.
• E) No, because it was not signed at the bottom or anywhere else on the document.

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Definitions:

Rectangle

A quadrilateral with four right angles and two pairs of parallel and equal sides.

Deck

In construction, a flat surface capable of supporting weight, similar to a floor, but typically constructed outdoors and often connected to a building.

Origination Fee

This fee is money paid to the lending institution for the paperwork involved in the loan application process.

Prepaid Interest

Interest payments made in advance of their due date, typically associated with the initial costs of obtaining a mortgage.