Payday Loans, Inc

Multiple Choice

Payday Loans, Inc., signs an instrument payable to the order of Qiana that states, "The maker of this note at the date of maturity, April 1, 2016, can extend the time of pay?ment, but for no more than a rea?sonable time." This instrument is

A) negotiable.
B) nonnegotiable, because it includes an extension clause.
C) nonnegotiable, because it is not payable within a definite time.
D) nonnegotiable, because it is payable to a specific payee.