Joe agrees to loan Amy $500. Amy agrees to pay Joe back, but Joe wants it in writing. Amy takes out a piece of tissue paper and writes, "Amy agrees to pay Joe $500." Is this a negotiable instrument? Why or why not?
What if Joe takes it to Kinko's and copies it and gives it to Kim for a debt that he owes her? Prior to giving it to Kim, Joe wrote on the copy, in writing that looks just like Kim's, "This note is payable on demand." He walks up to Kim, gives her the paper, and writes on it, "I assign my rights to this negotiable instrument to Kim." Is Kim a holder in due course?