Negotiable Instruments Law: Choose the CORRECT answer and EXPLAIN.

14. An instrument is not negotiable if the day and the month, 16. A negotiable instrument must contain a promise or order to but not the year of its maturity is given. pay a sum certain in money, except Where the drawees are in the alternative or in succession, the a) Which must be payable to order or bearer instrument is not negotiable. bj That must be in writing a) Both statements are true. c) Which he must be unconditional promise or order bj Both are false. d) The payee must be identified. c) First is true, second is false d) First is true, second is true. 17. The following are the functions of a negotiable instrument, EXCEPT: 15. Which of the following is not an effect of a crossed check? a) It operates as a substitute for money a) The check may not be encashed but only deposited in a bank b) It is a means of creating and transferring credits b) The check may be negotiated only once to one who has bank c) It facilities the sale of goods and increases the purchasing account medium in circulation c) The act of crossing a check serves as a waming to the holder d) It is legal tender. that the check has been issued for a definite purpose so that he must inquire if he received the check pursuant to that 18. An instrument is payable to bearer except purpose otherwise; he is not a holder in due course d) The indorse remains a holder in due course even if he does a) The only or last indorsement is in blank not inquire into right of the indorser to the check bj Payable to "CASH" c) It is payable to a specified persons or bearer d) The payable to the order of the bearer