Question

Abby Novel signed a handwritten note that read, “Glen Gallwitz 1–8–2002 loaned me $5,000 at six percent interest a total of $10,000.” The note did not state a time for repayment. Abby used the funds to manufacture and market a patented jewelry display design. More than three years after Abby signed the note, Glen filed a suit to recover the stated amount. Abby claimed that she did not have to pay because the note was not negotiable, as it was incomplete. Is Abby correct? Why or why not?

I would like to hear an argument in favor of Abby's position

Answer 1

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