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Negotiable Instruments - Midterms Examination

The document is a midterm exam for a course on negotiable instruments and regulatory frameworks/legal issues in business. It contains 10 multiple choice or short answer questions about negotiable instruments, including bills of exchange and promissory notes. Specifically, the questions cover whether certain instruments are negotiable, enforcement of instruments, and liability of makers in cases of absence or failure of consideration. The exam was prepared by the instructor Nikki V. Bucatcat and will take place from 8:00-9:00 am at the ABE International College of Business and Accountancy Tacloban Campus in Tacloban City.

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Nikki Bucatcat
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150 views1 page

Negotiable Instruments - Midterms Examination

The document is a midterm exam for a course on negotiable instruments and regulatory frameworks/legal issues in business. It contains 10 multiple choice or short answer questions about negotiable instruments, including bills of exchange and promissory notes. Specifically, the questions cover whether certain instruments are negotiable, enforcement of instruments, and liability of makers in cases of absence or failure of consideration. The exam was prepared by the instructor Nikki V. Bucatcat and will take place from 8:00-9:00 am at the ABE International College of Business and Accountancy Tacloban Campus in Tacloban City.

Uploaded by

Nikki Bucatcat
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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ABE International College of Business and Accountancy

Tacloban Campus, Tacloban City

NEGOTIABLE INSTRUMENT/ REGULATORY FRAMEWORK AND LEGAL ISSUES IN BUSINESS


MIDTERM
F / 8:00 – 9:00 am

PART 1. Explain or state briefly the rule or reason for your answers
1. A bill of exchange signed by W addressed to X states: “Please pay Y or order P10,000.” Is the bill
negotiable?
2. “I promise to pay X P10,000 within 10 days before I retire from government service.” Is the note
negotiable?
3. X obtains W’s signature for autograph purposes. Then X writes a negotiable instrument over it and
indorses it to Y, then Y to Z, then Z to A. Can the instrument be enforced by A against W?
4. W signs a bill of exchange in favor of X for P10,000. Give an instance when X may enforce payment
although W has not received any consideration from X for the bill.
5. State the liability of a maker of a promissory note when there is:
a. Absence of consideration;
b. Failure of consideration for the note.

Prepared by:

Nikki V. Bucatcat, CPA


Instructor

ABE International College of Business and Accountancy


Tacloban Campus, Tacloban City

NEGOTIABLE INSTRUMENT/ REGULATORY FRAMEWORK AND LEGAL ISSUES IN BUSINESS


MIDTERM
F / 8:00 – 9:00 am

PART 1. Explain or state briefly the rule or reason for your answers
6. A bill of exchange signed by W addressed to X states: “Please pay Y or order P10,000.” Is the bill
negotiable?
7. “I promise to pay X P10,000 within 10 days before I retire from government service.” Is the note
negotiable?
8. X obtains W’s signature for autograph purposes. Then X writes a negotiable instrument over it and
indorses it to Y, then Y to Z, then Z to A. Can the instrument be enforced by A against W?
9. W signs a bill of exchange in favor of X for P10,000. Give an instance when X may enforce payment
although W has not received any consideration from X for the bill.
10. State the liability of a maker of a promissory note when there is:
c. Absence of consideration;
d. Failure of consideration for the note.

Prepared by:

Nikki V. Bucatcat, CPA


Instructor

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