Henry Hughes, who operates a department store, executed the following instrument:

$2,600 Chicago, 

March 5, 2016 

On July 1, 2016, I promise to pay Daniel Dalziel, or order, the sum of Twenty-Six Hundred Dollars for the privilege of one framed advertising sign, size 24 × 36 inches, at one end of each of two hundred sixty motor coaches of the New Omnibus Company for a term of three months from May 15, 2016.

Henry Hughes Is this instrument negotiable? Explain.