Ida executes an instrument in favor of Joy that states,"The holder of this note at the date of maturity,July 1,2010,can extend the time of pay?ment indefinitely,if the holder so desires." After July 1,2010,this in?strument is
A)a bearer instrument.
B)a demand instrument.
C)a nonnegotiable instrument.
D)an order instrument.

Question

Quizplus · Accepted Answer

The instrument is a demand instrument because it is payable at any time after July 1, 2010, at the option of the holder.

Ida Executes an Instrument in Favor of Joy That States,"The