Oren Signs an Instrument Payable to the Order of Pay-Out

Multiple Choice

Oren signs an instrument payable to the order of Pay-Out Loans Inc. "on or before" June 15. This instrument is

A) negotiable.
B) nonnegotiable, because the maker can move up the payment date.
C) nonnegotiable, because moving up the payment date is optional.
D) nonnegotiable, because the exact payment date cannot be determined from the face of the instrument.