Final answer:
In the options provided, the one that is not a negotiable instrument is option B, 'I acknowledged being indebted to P for P1M', as it merely acknowledges debt and lacks an unconditional promise or order to pay a specific amount of money.
Step-by-step explanation:
Anegotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, with the payer named on the document. According to the Uniform Commercial Code (UCC), which regulates negotiable instruments in the United States, and similar laws in other jurisdictions, certain criteria must be met for an instrument to be considered negotiable.
Among the requirements, the instrument must be in writing and signed by the maker or drawer, must contain an unconditional promise or order to pay a fixed amount of money, and be payable either on demand or at a specific future date to a specific person or to bearer.
Let's evaluate each option:
Therefore, the correct answer is B: the statement I acknowledged being indebted to P for P1M does not create a negotiable instrument as it lacks the necessary promise or order to pay.