Question: #2 Payable on Demand or at a Definite Time. Abby Novel signed a handwritten note that read, Glen Gallwitz 1-8-2002 loaned me $5,000 at 6

#2 Payable on Demand or at a Definite Time.Abby Novel signed a handwritten note that read, "Glen Gallwitz 1-8-2002 loaned me $5,000 at 6 percent interest a total of $10,000.00." The note did not state a time for repayment. Novel used the funds to manufacture and market a patented jewelry display design. More than seven years after Novel signed the note, Gallwitz filed a suit to recover the stated amount. Novel claimed that she did not have to pay because the note was not negotiableit was incomplete. Is she correct?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Law Questions!

Payable on Demand or at a Definite Time. Abby Novel signed a handwritten note that read, Glen Gallwitz 1-8-2002 loaned me $5,000 at 6 percent interest a total of $10,000.00. The note did not state a...

Material Alteration. Williams purchased a used car from Stein for $1,000. Williams paid for the car with a check ( written in pencil ) payable to Stein for $1,000. Stein, through careful erasures and...

Case Problem with Sample AnswerPayable on Demand or at a Definite Time. Abby Novel signed a handwritten note that read, Glen Gallwitz 1-8-2002 loaned me $5,000 at 6 percent interest a total of...

Abby Novel signed a handwritten note that read, "Glen Gallwitz 182002 loaned me $5,000 at 6 percent interest a total of $10,000.00." The note did not state a time for repayment. Abby used the funds...

Abby Novel signed a handwritten note that read, Glen Gallwitz 1-8-2002 loaned me $5,000 at 6 percent interest a total of $10,000.00. The note did not state a time for repayment. Novel used the funds...

Abby Novel signed a handwritten note that read, "Glen Gallwitz 1-8-2002 loaned me $5,000 at six percent interest a total of $10,000." The note did not state a time for repayment. Abby used the funds...

Abby Novel signed a handwritten note that read, Glen Gallwitz 182002 loaned me $5,000 at six percent interest a total of $10,000. The note did not state a time for repayment. Abby used the funds to...

Abby Novel signed a handwritten note that read, Glen Gallwitz 1/8/2002 loaned me $5,000 at 6% interest a total of $10,000.00. The note did not state a time for repayment. Novel used the funds to...

Abby Novel signed a note with the following on it: Glen Gallwitz 1 - 8 - 2 0 0 2 loaned me $ 5 , 0 0 0 at 6 percent interest a total of $ 1 0 , 0 0 0 . 0 0 . The note did not contain a payment...

Construct a histogram for the semiconductor speed data in Exercise 6-26. Comment on the shape of the histogram. Does it convey the same information as the stem-and leaf display?

You are a financial manager for BPI Inc. and are asked to evaluate a potential investment opportunity by the senior manager of the R&D division. Key information about the project is given in the...

Predict the product by acid - catalyzed ring opening for the following compounds, and draw out the mechanism. SHOW ALL YOUR WORK to receive full credits. a ) cis - 3 , 4 - epoxyhexane b ) trans - 3 ,...

At the end of 2022, Sapporo Group tests a machine for impairment. The machine is carried at depreciated historical cost, and its carrying amount is 150,000. It has an estimated remaining useful life...

AstroStar, Inc., has approximately five hundred shareholders. Its board of directors consists of three membersEckhart, Dolan, and Macero. At a regular board meeting, the board selects Galiard as...

Let T = {M| M is a TM that accepts w R whenever it accepts w}. Show that T is undecidable.

A light ray traveling in air strikes the surface of a slab of glass at an angle of incidence of 508. Part of the light is reflected and part is refracted. Find the angles the reflected and refracted...

Cominsky Company purchased a machine on July 1, 2023, for $28,000. Cominsky paid $200 in title fees and county property tax of $125 on the machine. In addition, Cominsky paid $500 shipping charges...

A pointer holds a memory address.

7. Fill out the form below. Only the most important roles and your basic values are to be filled.

10. Try to remember the last communication you entered into. How many times did you fill in information that the other person did not convey? How many times did you speak before the other person...

6. Think of a situation where you noticed that the other person or people did not like or understand your behaviour. Examine your own intentions behind the behaviour.