REGULATORY FRAMEWORK AND LEGAL ISSUES IN BUSINESS

31. To the love of my life, for and in consideration of my unquenchable love, I hereby guarantee to pay the amount of P1M upon the death of my worst enemy Jack E. Bagbaga. (Sgd. Miles). The instrument is -

a. Negotiable since all the requisites provided in Section 1, NIL are present

b. Non-negotiable since it is not payable on demand or at a fixed or determinable future time

c. Non-negotiable since there is no word of negotiability

d. Non-negotiable since there is no unconditional promise to pay

e. All of the above

32. February 30, 2020 I promise to pay to the order of DisGraced TraPoe the sum of P100M or give her a house, whichever I choose, immediately. (Sgd. Jejemon BinayAran). The instrument is -

a. Negotiable since all the requisites provided in Section 1, NIL are present

b. Non-negotiable since it is not payable on demand or at a fixed or determinable future time

c. Non-negotiable since there is no word of negotiability

d. Non-negotiable since there is no unconditional promise to pay

e. All of the above

33. I acknowledge too have received from Mae-mae P1,0000 which I promise to pay on demand with interest. (Sgd. May-may). The instrument is -

a. Negotiable since all the requisites provided in Section 1, NIL are present

b. Non-negotiable since it is not payable on demand or at a fixed or determinable future time

c. Non-negotiable since there is no word of negotiability

d. Non-negotiable since there is no unconditional promise to pay

e. All of the above

34. _______ after date, I hereby promise to pay to the holder Alden or possessor the amount of P1,000,000. (Sgd. Maine). The instrument is -

a. Negotiable since all the requisites provided in Section 1, NIL are present

b. Non-negotiable since it is not payable on demand or at a fixed or determinable future time

c. Non-negotiable since there is no word of negotiability

d. Non-negotiable since there is no unconditional promise to pay

e. All of the above

35. I agree to pay Milo or order P10,000 subject to the stipulations contained in the Deed of Sale executed by us on October 11, 2013. (Sgd. Aleck). The instrument is -

a. Negotiable since all the requisites provided in Section 1, NIL are present

b. Non-negotiable since it is not payable on demand or at a fixed or determinable future time

c. Non-negotiable since there is no word of negotiability

d. Non-negotiable since there is no unconditional promise to pay

e. All of the above

36. Paid when called for the amount of P10M to Alessandra Allyson or assign. (Sgd. Kamilus). The instrument is -

a. Negotiable since all the requisites provided in Section 1, NIL are present

b. Non-negotiable since it is not payable on demand or at a fixed or determinable future time

c. Non-negotiable since there is no word of negotiability

d. Non-negotiable since there is no unconditional promise to pay

e. All of the above

37. Four scores and seven years from today, I vow to pay the bearer the amount of P1M in two monthly installments without the necessity of any demand or to deliver a house and lot at the holders option. Sgd. Mike. The instrument is -

a. Negotiable since all the requisites provided in Section 1, NIL are present

b. Non-negotiable since it is not payable on demand or at a fixed or determinable future time

c. Non-negotiable since there is no word of negotiability

d. Non-negotiable since there is no unconditional promise to pay

e. All of the above

38. Which of the following instruments is considered as payable at a determinable future time.

a. Pay to Xylee or bearer P1M at sight.

b. Pay to Xylee or bearer P1M 5 days before the death of P-noy.

c. Pay to Xylee or bearer P1M on call.

d. Pay to Xylee or bearer P1M 5 days after the death of P-noy due to AIDS

e. None of the above

39. Which of the following instruments is considered as payable at a fixed period of time.

a. I guarantee to pay Samantha or order P1M on the 70th birthday of Amy.

b. Four scores and seven years from today, I guarantee to pay Sely or order P1M.

c. I vow to pay Mocha or bearer P1M when I feel like it.

d. Good to Trinity or assign P1M after the resignation of Temy as Vice President of the SSC

e. None of the above

40. Which of the following statements is LEGALLY WRONG?

a. An instrument which contains a statement of the transaction which gives rise to the issuance of the instrument renders the instrument non-negotiable

b. An instrument which gives the holder an option to require something to be done in lieu of the payment of money

c. An instrument which requires the obligor to confess to a judgment if the instrument is not paid on maturity

d. An instrument which contains a waiver of a provision of law that was designed for the benefit of the debtor

e. All of the above