If a Note Reads, "I Promise to Pay to the Order

question 45

Essay

If a note reads, "I promise to pay to the order of Sarah Smith, at my option, $40 or five bushels of apples, John Jones," is the note negotiable?

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Definitions:

Sight Draft

A financial document demanding immediate payment upon presentation to the drawee.

Sale of Goods Act

A set of laws that regulate the sale of goods, providing rights to buyers and obligations to sellers, including provisions for the quality, fitness, and description of the goods.

Consignee

The person or entity to whom goods are shipped and who is responsible for receiving the shipment.

Licensing Agreement

A contract where the licensor allows the licensee to use the licensor's property under certain conditions.