For the balance due on the purchase of a tractor, Henry Brown executed and delivered to Jane
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January 1, 2015, I promise to pay to the order of Jane Jones the sum of $7,000 to be paid only out of my checking account at the XYZ National Bank of Pinckard, Illinois, in two installments of $3,500 each, payable on May 1, 2015, and on July 1, 2015, provided that if I fail to pay the first installment on the due date, the entire sum shall become immediately due.
(Signed) Henry Brown
Is the note negotiable? Explain.
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Related Book For
Essentials of Business Law and the Legal Environment
ISBN: 978-1305075436
12th edition
Authors: Richard A. Mann, Barry S. Roberts
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