An instrument reads as follows:

$250.00 Chicago, Illinois April 1, 1992

Thirty days after date I promise to pay to the

order of

Two hundred and fifty Dollars at

New York City

No. 20 Due May 1, 1992 Robert Smith

Value received with interest at the rate of

six percent per annum. This agreement arises

out of a separate agreement.

Cash

Answer “Yes” or “No” for the following questions about the previous item.

a. The instrument is a draft.

b. The instrument is order paper.

c. This is a negotiable instrument.

d. Robert Smith is the maker.

e. The instrument may be negotiated without indorsement.

AppendixLO1