Mini Case Study Direction : Answer the questions given below. Exhibit-1 Apples Oranges Hortensia $5 Contract $5 Contract Pat can sue Bob Hortensia is not liable for the contract, because Bob breached the contract with his rotten apples $5 Contract Bob, Hortensia, and Pat. Use Exhibit-1 to follow the logic of the exchanges. Hortensia buys apples from Bob and gives him a negotiable note promising to pay $5 on demand. Bob then buys oranges from Pat for $5 and properly transfers (or negotiates) the $5 negotiable note to Pat. Pat presents the note to Hortensia for payment after Hortensia has found out that the apples she bought from Bob were bad. Hortensia refuses to pay Pat, and Bob has disappeared. Pat sues Hortensia for the $5. 1.-Refering to the Exhibit-1, Explain the reason behind the need for negotiable instruments. 2- Identify and define each of the types of negotiability. 3- Bob and Hortensia to be negotiable, the instrument must satisfay seven requirments. Explain them