If a note reads, "I promise to pay to the order of Sarah Smith, at my option, $40 or five bushels of apples, John Jones," is the note negotiable?
What will be an ideal response?
No. If the person obligated to pay off an instrument can do something other than pay money, the instrument is not negotiable. For example, if a note reads, "I promise to pay to the order of Sarah Smith, at my option, $40 or five bushels of apples, John Jones," the note is not negotiable, since John can pay Sarah with apples instead of money.
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