Ricardo Borrowed $5,000 from His Friend, Lorenzo

Ricardo borrowed $5,000 from his friend, Lorenzo. Ricardo signed a handwritten note stating, "I promise to pay $5,000 to Lorenzo on or before August 1, 2001, in return for the same amount borrowed from him on May 1, 2001." Under these circumstances, the note is _____.

A) negotiable because it was handwritten
B) not negotiable because the note states the reason for the debt
C) not negotiable because the note is not payable to bearer or to order
D) negotiable because it is a simple contract

Correct Answer:

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Access For Free