Topic: Law on sales, agency, and credit transactions

Please answer the following questions. Thank you

Question 12

On March 1, 2015, O obtained a loan of 10,000.00 from C. To secure the debt which is payable on May 1, 2015, D pledged a promissory note amounting to 12,000.00 which was executed in his favor by M. The promissory note is due April 25, 2015 and properly endorsed by D to C.

Group of answer choices

C cannot collect from M. D is the one entitled to collect the note from M.

On April 25, 2015, C can collect the note of 12,000.00 from M. However, he must give 2,000.00 to D.

On April 25, 2015, C can collect the note of 12,000.00 from M. The entire proceeds will belong to C.

C cannot collect from M. He must sell the note at public auction at maturity if D cannot pay.

Question 13

I. A contract for a piece of work must comply with the Statute of Frauds. Accordingly, it must be in writing to be enforceable if the price is 500.00 or more.

II. A sales contract requires the delivery of the thing sold for its perfection.

Group of answer choices

Statement I is true while Statement II is false.

Statement II is true while Statement I is false.

Both Statements are false.

Both Statements are true.