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Respond to the following scenario: On a piece of paper, Joelle writes, I promise to pay Rio $1000 on demand. Joelle signs the note.

Respond to the following scenario:

On a piece of paper, Joelle writes, “I promise to pay Rio $1000 on demand.” Joelle signs the note.

• What type of instrument is this? • Is it negotiable? • If not, why not?

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