Roger, a lawyer, borrowed money from Jax to start a business. He gave a promissory note to Jax promising to pay the money back anytime within the next five years. But in order to accept the note, Jax demanded a security deposit

Roger gave the gold that he owned as security. Roger in turn demanded that a specific clause be added to the promissory note to allow faster repayment of the loan in case he inherited money within the next five years. But even after five years, Roger was unable to complete payment. He made a new promissory note promising to finish payment within the next year, and promised to provide free legal service to Jax for the next two years.

Which of the following is true of the validity of the new promissory note made by Roger?
A) It must contain interest on the old principal to become a valid instrument.
B) It must contain a specific date or time to be considered valid.
C) It is a nonnegotiable instrument.
D) It is a negotiable instrument if Jax accepts it.

C