amount due. Using the information presented in the chapter, answer the following questions. 1. Was the note that Durbin signed an order to pay or a promise to pay? Explain. 2. Suppose that the note did not state a specific interest rate but instead referred to a statute that established the maximum interest rate for government-guaranteed student loans. Would the note fail to meet the requirements for negotiability in that situation? Why or why not? 3. How does a party who is not named in a negotiable instrument (in this situation, the government) obtain a right to enforce the instrument? 4. Now suppose that the school Durbin attended closed down before he could finish his education. In court, Durbin argues that this resulted in a failure of consideration: he did not get something of value in exchange for his promise to pay. Assuming that the government is a Bholder,of thepromissoryEnte, will this argument likely be successful against it? Why or why not