Which of the following is not negotiable? A. “I bind myself to pay to the order of P, PhP30,000”. (Sgd. M) B. “Good to P or order, PhP30,000”. (Sgd. M) C. “I promise to pay or order Php30,000 on June 30”. (Sgd. M) D. “I promise to pay P or order Php5,000”. (Sgd. M)
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Which of the following is not negotiable?
A. “I bind myself to pay to the order of P, PhP30,000”. (Sgd. M)
B. “Good to P or order, PhP30,000”. (Sgd. M)
C. “I promise to pay or order Php30,000 on June 30”. (Sgd. M)
D. “I promise to pay P or order Php5,000”. (Sgd. M)
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- Which of the following bills of exchange may be treated as promissory note by the holder? a. To BDO. Pay Php10,000 to bearer. Signed Mr. Lit. b. To C. Pay Php10,000 to the order of P. Signed A. c. To X. Pay Php10,000 to P or bearer. Signed X. d. To Drawee. Pay Php10,000 to P or order. Signed Drawer.Westminster executed a promissory note with a face value of Php800,000.00, payable to the order of Bath. Bath indorsed the note to Whiltshire, to whom Bath owed Php500,000.00. If Westminster has no defense at all against Bath, for how much may Whiltshire collect from Westminster? a. None, as Whiltshire's remedy is to run after his debtor, Bath. b. Php300,000.00, as he is a holder for value to the extent of the difference between Bath's debt and the value of the note. c. Php500,000.00, as he is a holder for value to the extent of his lien. d. Php800,000.00, but with the obligation to hold Php500,000.00 for Bath's benefit.X issued a check in favor of his creditor, Y. It reads: " Pay to Y the amount of Seven Thousand Hundred Pesos (Php700,000.00). Signed, X". What amount should be construed as true in such a case? a. Php700.00 b. Php7,000.00 c. Php700,000.00 d. Php700,100.00
- Schaffhausen, the maker, issued a promissory note to Zug, the payee which states: "I, Schaffhausen, promise to pay Zug or order the amount of Php8 Million. Signed, Schaffhausen." Zug negotiated the note by indorsement to Jura, then Jura to Geneva also by indorsement, and Geneva to Thurgau, again by indorsement. But before Geneva indorsed the note to Thurgau, Geneva's husband wrote the figure "1" on the note before "Php8" without Geneva's knowledge, making it appear that the note is for Php18 Million. For how much is Geneva liable to Thurgau? a. Php8 Million since it is the original tenor of the note. b. Php8 Million since he warrants that the note is genuine and in all respects what it purports to be. c. Php18 Million since he warrants that the note is genuine and in all respects what it purports to be. d. Php18 Million since he warrants his solvency and that he has a good title to the note.A (debtor) is indebted to B (creditor) PhP300,000.00. X, a third party, offered to give B the PhP300,000.00, to which B agreed. B, however failed to disclose that there was a prior partial payment made by A in the amount of PhP100,000.00. X paid B the entire amount of PhP300,000.00 Questions: 1.] What is the effect of the payment made by X in so far as the obligation of A to B is concerned? 2.] Can X proceed against A and demand payment from the latter? If yes, how much can X collect from A? Explain your answer.A (debtor) is indebted to B (creditor) PhP300,000.00. X, a third party, offered to give B the PhP300,000.00, to which B agreed. B, however failed to disclose that there was a prior partial payment made by A in the amount of PhP100,000.00. X paid B the entire amount of PhP300,000.00 Questions: 1.] What is the effect of the payment made by X in so far as the obligation of A to B is concerned? 2.] Can X proceed against A and demand payment from the latter? If yes, how much can X collect from A? Explain
- Use the following information for 10 and 11. On October 31, 2021, Butter Company engaged in the following transactions: 1. Obtained a Php500,000, six month loan from Dope Bank, discounted at 12%. The company pledged Php500,000 of accounts receivable as security for the loan. 2. Factored Php1,000,000 of accounts receivable without recourse on a non notification basis with DNA Company. DNA charged a factoring fee of 2% of the amount of receivables factored and withheld 10% of the amount factored. 10. What is the total amount of cash received from the financing of the receivables? a. Php1,320,000 b. Php1,350,000 c. Php1,380,000 d. Php1,470,000 11. What is the amount of cash received from the pledged accounts receivables? a. Php880,000 b. Php980,000 c. Php470,000 d. Php440,0001.) On December 1, 2021, Yan Company assigned Php400,000 of accounts receivable to Ino Company as a security for a loan of Php335,000. Yan company charged a 2% commission on the amount of the loan, the interest rate on the note was 10%. During December, Yan collected Php110,000 on assigned accounts after deducting Php380 of discounts. Yan accepted returns worth Php1,350 and wrote off assigned accounts totaling Php2,980. 8. How much cash did Yan receive from Idol at the time of the transfer? What is the carrying value o the accounts receivable assigned as of December 31, 2021? 2.) On October 31, 2021, Butter Company engaged in the following transactions: 1. Obtained a Php500,000, six month loan from Dope Bank, discounted at 12%. The company pledged Php500,000 of accounts receivable as security for the loan. 2. Factored Php1,000,000 of accounts receivable without recourse on a non notification basis with DNA Company. DNA charged a factoring fee of 2% of the amount of receivables…Las Palmas authorized Palma to sign a bill of exchange in his (Las Palmas’s) name. The bill reads: "Pay to Madrid or order the sum of Php8 million. Signed, Palma (for and in behalf of Las Palmas)." The bill was drawn on Las Palmas. Madrid indorsed the bill to Barcelona, Barcelona to Valencia, and Valencia to Alicante. May Alicante treat the bill as a promissory note? a. No, because the instrument is payable to order and has been indorsed several times. b. No, because the instrument is a bill of exchange. c. Yes, because the drawer and drawee are one and the same person. d. Yes, because Palma was only an agent of Las Palmas.
- M issues a negotiable BOE payable to P or order for P10,000. P endorsed the instrument to A, then A to B, then B to C, then C to D. D presents the instrument to the drawee, but the drawee dishonored the instrument. Assuming that D approached C and invoked his warranty as an indorser, from whom can C seek recovery of amount paid to D? a. B, then A, then P, then M. b. M, P, A, B without any particular order c. M d. BA promissory note states, on its face: "I, Saxony, promise to pay Bavaria the amount of Php 18,000.00 eight days after completion of the on-going construction of my house. Signed, Saxony." Is the note negotiable? a. Yes, since it is payable at a fixed period after the occurrence of a specified event. b. No, since it is payable at a fixed period after the occurrence of an event which may not happen. c. Yes, since it is payable at a fixed period or determinable future time. d. No, since it should be payable at a fixed period before the occurrence of a specified event.13. In 2022, Mr. Sun Ho was charged interest expense on a business related loan in the amount of PHP 60,000. His interest income on bank account with BPI is PHP 720. How much is the deductible interest expense? a. None b. PHP 59,856 c. PHP 144 d. PHP 60,000