Before Passage of Laws Affecting Negotiable Instruments

Before passage of laws affecting negotiable instruments:

A) the right to payment was a contract right that could not be sold
B) business was done on a cash basis only
C) businesses were required to maintain large cash reserves (or cash equivalents, such as land or other property) as a guarantee of future payment for credit sales
D) it was possible to buy products internationally only by opening a letter of credit as a guarantee of payment
E) credit cards were the most common exchange form used