Pierre loaned her sister Patti $2,500 so she could start gymnastics coaching business. Patty gave Pierre the following writing, signed by her: I promise to pay to Pierre the sum of $2,500 with 6% interest 30 days from the date of this writing." Does Pierre hold a negotiable instrument? Why or why not? Myra is a single, employed mom, who has fallen a bit behind on her financial obligations due to some unexpected medical emergencies. She wants to play as many of her creditors off as she can and could pay half of her debt over a three-year period, but needs some relief. What type of bankruptcy protection would you recommend for Myra? Why? Lloyd borrows money from Colin. In exchange for the loan, Lloyd orally offers Collin a security interest in his boat. The next day, Lloyd offers Matilda a signed written security interest in the same boat in exchange for a loan. Neither Colin nor Matilda properly perfect the security interest. Lloyd defaults on both loans. Who will receive the boat? Why? Ethan and Leigh-Ann enter an agreement in which Ethan agrees to sell Leigh-Ann exercise equipment. The terms of the agreement are delivery ex-ship. Ethan places the exercise equipment on a ship to Europe, where Leigh-Ann resides. While on the Atlantic, a storm destroys the exercise equipment. Who bears the risk of loss? Why?