5
Multiple Choice 4 points
Jethro executed a document stating that Mr. Drysdale was loaning him
$10,000. With regard to when the loan was to be repaid, the document stated, "when you can." About eighteen months later, Mr. Drysdale sued Jethro for the entire amount, contending that the document was a note payable on demand and that it was a negotiable instrument.
Which statement below is true?
◻ Mr. Drysdale can collect the debt, but the note is not an negotiable instrument.
◻ The statute of limitations prevents Mr. Drysdale from collecting the debt.
◻ The document is a negotiable instrument.
◻ Jethro does not have to repay Mr. Drysdale.