14. "PAY TO W or her order US $10,000 only plus 2%% interest (Sgd. J) - TO: X, Cashier." a. Not negotiable because the drawee is not named or indicated with reasonable certainty. b. Negotiable because it complies with Section 1 C- Not negotiable because the sum payable is not certain d. Not negotiable because it is payable in foreign currency 15. An instrument is payable at determinable future time except: a. Undated b. Payable at a day certain after presentment C. On or before certain definite given date d. Before or after a specified and certain event 16. "I promise to pay P5,000 or deliver two (2) sacks of rice, if he wants. (Sed.Dong) a. Not negotiable because it requires an act in addition to the payment of money b. Negotiable because it gives the holder an election to require something to be done in lieu of payment of money. C. Not negotiable because the payee is not named. d. Answer not given 17. Which of the following is NOT a real defense? Incomplete and undelivered instrument c. Facultative indorsement b. Material alteration d. Fraud in inducement 18. I: An instrument payable upon contingency is negotiable and the happening of the event cure the defect of the condition. Il: An instrument where no time for is expressed is payable on demand. a. Both statements are true b. First statement is false; second statement is true C. Both statements are false d. First statement is true; second statement is false 19. 1: An order or promise to pay out a particular fund is negotiable. II: An instrument which is payable to bearer is negotiated by indorsement plus the delivery of the instrument. a. Both statements are true b. First statement is false; second statement is true C. Both statements are false d. First statement is true; second statement is false