Betty has drafted a paper acknowledging her debt of $1,000 to Cathy, contingent upon the sale of her kitchen appliances. The document lacks Betty's signature, which raises questions about its validity as a negotiable instrument. Given its conditions and lack of a signature, it is likely not a negotiable instrument.

1. Q2: Betty types up a paper that states, "I recognize that I owe Cathy $1 , 000 , payable when I
sell my kitchen appliances: dishwasher, refrigerator, and stove/oven. From the proceeds, I will
pay Cathy but not until I advertise (which I will do next week) the sale. I will then make payment
in one month from today." She does not sign the paper. - What type of instrument is this?
Discuss maker, payee, bearer, and more to explain your answer. - Is it negotiable? If not, why
not?