Question: 12. Gary Vaughn executed a document stating that Fred and Martha Smith were loaning him $9,900. With regard to when the loan was to be

12. Gary Vaughn executed a document stating that Fred and Martha Smith were loaning him $9,900. With regard to when the loan was to be repaid, the document stated, "when you can." About eighteen months later, the Smiths sued Vaughn for the entire amount, contending the document was a note payable on demand and that it was a negotiable instrument. Was the document a negotiable note? Why or why not

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