You are interested in buying a new car and Bob let

posted by .

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?

  • You are interested in buying a new car and Bob let -

    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.

  • You are interested in buying a new car and Bob let -

    there is no instrument

  • You are interested in buying a new car and Bob let -

    Everest

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Word Problem Maximizing A Bonus

    Pauline Wong spends 4 hours selling a used car and 6 hours selling a new car. She works no more than 40 hours per week. In order to receive a bonus, she must sell at least one used car and four new cars each week. In that case, she …
  2. math car devalue

    James is interested in buying a new cadillac escalade. He did some research and found out thy on average the suv will cost 40,057.07 after 2 years of the purchase, and 19,192.53 after 5years. Find a rule that shows the depreciation …
  3. business law

    you are interested in buying a new car an bob lets you borrow one if the 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
  4. law

    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 …
  5. English

    A: I bought a new car. B1: Congratulations on buying a new car. B2:Congratulations on having bought a new car. (Which response is correct, B1 or B2?
  6. business

    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 …
  7. sales

    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 …
  8. FINAN & QUANTITATIVE LITERACY

    You currently drive 288 miles per week in a car that gets 24 miles per gallon of gas. You are considering buying a new fuel-efficient car for $15,000 (after trade-in on your current car) that gets 48 miles per gallon. Insurance premiums …
  9. stats

    A car manufacturing company is interested in finding the average fuel consumption of one of its new models Leopard F-type. Hundred test drivers are chosen and asked to drive the car in urban conditions for 8 hours. The average fuel …
  10. math

    A car manufacturing company is interested in finding the average fuel consumption of one of its new models Leopard F-type. Hundred test drivers are chosen and asked to drive the car in urban conditions for 8 hours. The average fuel …

More Similar Questions