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 1,2015,can extend the time of pay?ment,but for no more than a rea?sonable time." This instrument is

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The instrument is nonnegotiable because it is not payable within a definite time. The extension clause allows the maker to extend the payment time, which means the exact time of payment is uncertain, violating the requirement for negotiability that an instrument must be payable at a definite time.

EZ Credit Company Signs an Instrument Payable to the Order