Question

To finance the purchase of a house from Tuna, Uri signs an instrument promising to pay to "Verity Mortgage Service" $160,000 with interest in installments with the final payment due July 10, 2045. To be negotiable, this instrument must include the signature of:

Answer 1

Uri

Step-by-step explanation:

The document that Uri has prepared is a financial instrument called a promissory note.

A promissory note is a written commitment to pay a debt by the maker of the document. By drafting the promissory note, Uri is making an unconditional promise to pay Verity Mortgage Service the sum stated in the document. Uri is acknowledging that he owes verity mortgage service the sum of $160,000.00.

A promissory note may be used to secure financing for projects. For it to be considered, there has to be an express declaration of debt, and willingness to pay. The amount to be paid and interests payable must be stated. The terms of payments and their due dates should be clear. The maker of the promissory note must sign it. In this case, Uri must sign.