QUESTION 5 1 points Save Answer An instrument states: "I promise to pay to the order of Phil Barnes $1,000," and is signed by Ron Lux. a. It is not negotiable because it does not include a payment date. O b. It is negotiable and is a demand draft. O c. It is negotiable and is a demand note. d. It is negotiable, and Ron will have a "reasonable" amount of time pay after the instrument is presented for payment, not to exceed seven days. QUESTION 6 1 points Save Answer True or False: An endorsement on the back of an instrument that states "pay to Max" will cause a negotiable instrument to be non- negotiable because it does not say "pay to the order of Max." O True False QUESTION 7 1 points Save Answer Tom is the holder of a $200 check that is payable to "bearer." He asks his friend Cathy to cash it for him, i.e., to give him $200 in cash in exchange for the check and she says "Okay." True or False: The check can be properly negotiated to Cathy without Tom's endorsement. O True O False QUESTION 8 1 points Save Answer True or False: Once an instrument is "order paper" it can never become "bearer paper." True False