All the following statements concerning a power of appointment are correct EXCEPT:

A: The appointee of a power of appointment is the party who exercises the power. B: The donee of a power of appointment might be restricted with respect to the time the power can be exercised. C: Failure to exercise a power of appointment is known as a lapse of the power. D: The possible recipients of property alter the exercise of a power of appointment depend on the terms of the power.