Gary Vaughn signed a document stating that Fred and Martha Smith were loaning him $9,900 to be

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Gary Vaughn signed a document stating that Fred and Martha Smith were loaning him $9,900 to be “repaid when you can.” Eighteen months later when Vaughn had not paid the note, the Smiths sued Vaughn, claiming he had defaulted on the note. They contended that the document was a negotiable instrument that should be construed to be “payable on demand.” Does this document qualify as a negotiable instrument?

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Business Law The Ethical Global and E-Commerce Environment

ISBN: 978-1259917110

17th edition

Authors: Arlen Langvardt, A. James Barnes, Jamie Darin Prenkert, Martin A. McCrory

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