1. Ewa signs an instrument unconditionally promising to pay to First State Bank $5,000 with interest in installments with the final payment due June 1, 2017.

The instrument that Ewa signed is most likely

a. a certificate of deposit.

b. a draft.

c. an order to pay.

d. a promissory note.

2. Refer to Fact Pattern# 1. With respect to this instrument, First States Bank is

a. the drawee.

b. the drawer.

c. the maker.

d. the payee.

3. EZ Credit Company signs an instrument payable to the order of Flem that states, The maker of this note at the date of maturity, May 1, 2013, can extend the time of payment, but for no more than a reasonable 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. none of the

4. Quincy draws a check payable to the order of Replay Stadium to buy two season tickets to the next years State College football games. This instrument is

a. a bearer instrument.

b. an order instrument.

c. valid but nonnegotiable.

d. void.

5. Tyrone draws a check payable to Cash and presents it to United Bank for payment. This instrument is

a. a bearer instrument.

b. an order instrument.

c. valid but nonnegotiable.

d. void.