P has rendered construction services for M. M is currently illiquid due to the effects of the COVID-19 pandemic. Thus, M issued a negotiable promissory note in favor of P for the amount of his payable to M. P then endorsed it to A, who knows about the transaction between M and P, then A endorsed it to B, who also knows about the said transaction. Can B seek payment fom M? YES OR NO?
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P has rendered construction services for M. M is currently illiquid due to the effects of the COVID-19 pandemic. Thus, M issued a negotiable promissory note in favor of P for the amount of his payable to M. P then endorsed it to A, who knows about the transaction between M and P, then A endorsed it to B, who also knows about the said transaction. Can B seek payment fom M? YES OR NO?
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- Boracay wrote a complete promissory note payable to bearer. The note was stolen and his signature forged. It ends up in the hands of a holder in due course. Which of the following is true? a. Boracay is not liable because the forged signature is inoperative. b. Boracay can set up the defense of want of delivery of a complete instrument. c. Boracay is liable because he is an indorser. d. Boracay is liable to a holder in due course.Due to his debt to Chur, Schwyz wrote a promissory note which is payable to the order of Chur. Chur's sister, Sion, misrepresenting herself as agent of Chur, obtained the note from Schwyz. Sion then negotiated the note to Lausanne after forging the signature of Chur. May Lausanne enforce the note against Schwyz? a. Yes, since Schwyz is the principal debtor. b. No, since it is Chur who can enforce it, the note being payable to the order of Chur. c. No, since the signature of Chur was forged. d. Yes, since Schwyz, as maker, is primarily liable on the note.Saul sold goods to Bruce, warranting that the goods were of a specified quality. The goods were not of the quality warranted, however, and Saul knew this at the time of the sale. Bruce drew and delivered a check payable to Saul and drawn on Third National Bank in the amount of the purchase price. Bruce subsequently discovered the goods were faulty and stopped payment on the check. Third National refused to pay Saul on the check. a. What are the arguments that Saul can recover (1) from Bruce and (2) from Third National? b. What are the arguments that (1) Bruce should prevail? and (2) Third National should prevail? c. Who should prevail? Why?
- HolmesWatson (HW) is considering what the effect would be of reporting its liabilities under IFRS rather than U.S. GAAP. The following facts apply: a. HW is defending against a lawsuit and believes it is virtually certain to lose in court. If it loses the lawsuit, management estimates it will need to pay a range of damages that falls between $5,000,000 and $10,000,000, with each amount in that range equally likely. b. HW is defending against another lawsuit that is identical to item (a), but the relevant losses will only occur far into the future. The present values of the endpoints of the range are $3,000,000 and $8,000,000, with the timing of cash flow somewhat uncertain. HW considers these effects of the time value of money to be material. c. HW is defending against another lawsuit for which management believes HW has a slightly worse than 50/50 chance of losing in court. If it loses the lawsuit, management estimates HW will need to pay a range of damages that falls between…If BrainTrain and Natasha had executed a written contract which contained a liquidated damages clause for $200 in the event that BrainTrain breached, and assuming BrainTrain admits to a breach, would that clause be upheld in court? Select Correct Answer a) Yes, it is reasonable and fair. b) No, in this case, actual damages can be easily determined. c) No, the amount is too low for the type of harm she suffered.nayla received a bill of exchange for value from Ahmed who had obtained the intrunment fraudulently. Nayla fearing the bill might lapse, presented it for payment where upon, it was dishonoured. state with reasons whether nayla can claim to be a holder in due course.
- Coron signs a blank piece of paper and delivers it to Puerto with the intention of making the instrument negotiable. a. Puerto can fill it up for any amount b. Puerto has implied authority to complete it c. a and b d. None of the aboveAhmed, who was admitted in a hospital, was required to undergo a surgery. Before his operation, he agreed to sell his house which was already listed for sale, to his doctor for Rs. 9.7 million. The market price of the house was Rs. 10 million. After successful operation Ahmed rescinded the agreement alleging “Undue Influence” by the doctor. a. Can he succeed? b. Justify Your answer keeping in view the ingredients of undue influence as laid down in Contract Act, 1872.Alice owns a contracting company that receives most of its business through government contracts. A new procurement officer with a government agency implies to Alice that if she does not send him a bribe for her latest awarded contract, she will not get any further contracts. If Alice loses future contracts, her business will fail. She reluctantly gives the officer a bribe. Has Alice committed a violation? A. Yes, because Alice was not under economic duress. B. Yes, because being extorted is not a defense to giving a bribe. C. No, because Alice was under economic duress. D. No, because Alice was not the one who proposed the bribe.
- Firenze is the holder of an instrument payable to him (Firenze) or his order, with Florence as maker. Firenze then indorsed it as follows: "Subject to no recourse, pay to Florencia. Signed, Firenze." When Florencia went to collect from Florence, it turned out that Florence's signature was forged. Florencia now sues Firenze for collection. Will it prosper? a. No, because Firenze made a qualified indorsement. b. No, because a qualified indorsement does not include the warranty of genuineness. c. Yes, because Firenze, as a conditional indorser, warrants that the note is genuine. d. Yes, because Firenze, as a qualified indorser, warrants that the note is genuine.C has initiated a lawsuit against Agency A for recovery of damages when accidentally one of the vehicles owned by the agency collided with the car then driven by C. The Chief Legal Counsel of the Agency estimates from experience that at December 2015, the entity has a 60% chance of winning the lawsuit and thereby avoiding the payment of damages. Furthermore, the counsel estimates that the agency has 20% chance of being ordered to pay C damages of P100,000 and a 20% chance of being ordered to pay C damages of P10,000. . State whether a contingent liability or contingent asset exists. Explain your answers by stating the criteria of your answers belowC has initiated a lawsuit against Agency A for recovery of damages when accidentally one of the vehicles owned by the agency collided with the car then driven by C. The Chief Legal Counsel of the Agency estimates from experience that at December 2015, the entity has a 60% chance of winning the lawsuit and thereby avoiding the payment of damages. Furthermore, the counsel estimates that the agency has 20% chance of being ordered to pay C damages of P100,000 and a 20% chance of being ordered to pay C damages of P10,00 Use the facts given in No. 1, but this time assumes that on December 31, 2015, the Chief Legal Counsel of Agency A estimates from past experience that the possibility of losing the case filed by C is remote. -State whether a contingent liability or contingent asset exists.-Explain your answers by stating the criteria of your answers below.