QUESTION 37 True or False: If an instrument is not negotiable because it is made payable "to Frank" on the front, it will become negotiable if it is endorsed "pay to the order of Carla" by Frank on the back. True False QUESTION 38 Jim issues a written instrument, dated May 25, 2020 that says: "I promise to pay Bearer $1,500 on August 4, 2020," and he (Jim) signs it. True or False: Jim is called the "maker" of the instrument. True False QUESTION 39 True or False: The following item, by itself, would violate a negotiability test: The instrument calls for payment "on 2/8/2020, or a reasonable time later, at the option of the holder." True O False QUESTION 40 An instrument states: "I promise to pay to the order of Phil Barnes $1,000," and is signed by Ron Lux. O a. It is not negotiable because it does not include a payment date. b. It is negotiable and is a demand draft. c. It is negotiable and is a demand note. O d. It is negotiable, and Ron will have a "reasonable" amount of time to pay after the instrument is presented for payment, not to exceed seven days