Question

Peter calls his friend Lily to borrow $500. On the side of a box, Peter writes and signs a note stating he will pay back the $500 as long as Lily allows him to use her car until he gets a job. The instrument is not negotiable because it violates which of the following?

1.permanency
2.portability
3.payable to order or bearer
4.no requirement except the payment of money

Answer 1

The right answer for the question that is being asked and shown above is that: "4.no requirement except the payment of money." The instrument is not negotiable because it violates that 4.no requirement except the payment of money