Instructional Objectives for this activity:Recognize the elements of a negotiable instrument, as well as the elements of rules affecting transferability and liability. Consider this week’s learning activities on negotiable instruments and read the following scenario. Then, complete the assignment as directed below: You are interested in buying a new car and Bob let’s you borrow one of the new cars on his lot for a week to test drive. You decide you like the car and when you visit Bob to drop off the car, he hands you the following document and a pen:May 1, 201x I promise to pay to the order of Bob’s Auto Emporium $20,000 (Twenty thousand dollars) with interest at the rate of 7% per annum. What type of instrument is this? Does this instrument meet the requirements for negotiability under the UCC? These individual work assignments should each include the following: An in-depth submission that should be free of spelling and grammar errors. An essay containing a minimum of 200 words. You will be assessed on the rationale you use in addressing the questions/issue posted, and how well you justify your argument regarding this issue. Your response must be thought provoking, have well developed ideas and/or opinions, and should reference any supporting material from the text, lecture or other sources you have used to complete the assignment. You may use your text or the internet as a reference, but remember to cite your sources according to APA guidelines. Save your document with a file name that includes your last name, first initial, week of assignment (Week 4). (For example: SmithJ_W4) To submit your Individual Work, go to the Dropbox and click ‘Submit Assignment.’ Submit this document to the Week 4: Individual Work 1 basket in the Dropbox.