You are interested in buying a new car and Bob let
posted by stacion on .
You are interested in buying a new car and Bob let's you borrow one of the new cars on his lot for a week to test drive. You decide you like the car and when you visit Bob to drop off the car, he hands you the following document and a pen:
May 1, 201x
I promise to pay to the order of Bob's Auto Emporium $20,000 (Twenty thousand dollars) with interest at the rate of 7% per annum.
What type of instrument is this? Does this instrument meet the requirements for negotiability under the UCC?
Too many unanswered questions:
11. When is the 1st payment due?
2. When is the final payment due.?
3. How much will the loan cost?
4. Any penalties or late fees?
5. The note doesn't say what you are
getting for the $20,000.
there is no instrument