Chapter 25. Regarding Requirements for Negotiability:

Michael borrowed $2,970 from Cindy. Both of their signatures appeared at the bottom of the note. The note stated: "I Michael Smith owe Cindy Jones $2,970 and agree to pay her back in full" signed on this 26th day of September, 2009. More than a year later Cindy filed suit against Micheal to recover on the note. Michael admitted that he had borrowed the funds, but he contended, without proof, that he had paid Cindy in full. Is this note negotiable? which party is likely to prevail? Why?