Explain there is a contract and a negotiable instrument

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Reference no: EM1359679

Joe buys a 4-year old car from Mary, and gives Mary a written note that "acknowledges his debt in the amount of $5,000, payable to Mary." Is there a contract between Joe and Mary, and is this a negotiable instrument?

A. There is a contract and a negotiable instrument.

B. There is neither a contract nor a negotiable instrument.

C. It is a negotiable instrument, but not a contract.

D. It is a contract, but not a negotiable instrument.

Reference no: EM1359679

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