Q1: The accounting department of Jimbringinger Company receives an instrument that states, "January 6, 2012. Thirty days after date, I promise to pay to the order of cash, $700 (seven hundred and 00/100 dollars), in San Francisco, California, with interest at the rate of 7% (seven percent) per year. This instrument is secured by a contract for the sale of a barbeque grill. Due April 15, 2012. [Signed] Ed Jacobite."

• What type of instrument is this?
• Is it negotiable? If not, why not?