BLK_F11 BUSLAW4- MWF 3-4 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20 21.

22. 23. 24. 25.

1. Where a party has been adjudged bankrupt or insolvent, or has made an assignment for the benefit of creditors, notice may be given either to A. the party himself or to his guarantor B. the party himself or to his trustee C. his trustee or to prior parties D. the party himself or to his trustee or assignee 2. Statement 1. Notice of dishonor may be given as soon as the instrument is dishonored. Statement 2. Where a party receives notice of dishonor, he has, after the receipt of such notice, the same time for giving notice to antecedent parties that the holder has after the dishonor. A. True, True B. True, False C. False, False D. False, True 3. Waiver of notice of dishonor may be made: A. Before the time of giving notice B. After omission to give due notice C. A and B D. None of the above 4. Waiver may be: A. Express B. Implied C. A and B D. None of the above 5. What are deemed waived in the waiver of protest? A. Presentment B. Bill of exchange C. Promissory note D. None of the above

6. Any changes in the following is/are considered a material alteration: A. a medium or currency in which payment is to be made B. the umber or the relations of the parties C. A and B D. None of the above 7. A person secondarily liable on the instrument is discharged: A. By the discharge of a present party B. By ay act which discharges the instrument C. A and B D. None of the above 8. In order to discharge an instrument, the payment must be A. A payment in due course B. By the principal debtor C. A and B D. None of the above 9. The two classes of acceptance are: A. Foreign and Inland B. Foreign and Outland C. Domestic and Foreign D. Domestic and Inland 10. Requisites of actual acceptance is/are: A. It must be in writing B. It must be signed by the drawer C. A and B D. None of the above 11. Presentment is excused when: A. Drawer is dead B. Drawee is capacitated C. Acceptance is accepted D. Fictitious drawee 12. Which of the following is/ are instances for dishonor? A. Refusal of the drawer to accept the bill B. Refusal of the drawer to write or place his acceptance on the bill itself C. A and B D. None of the above 13. Statement 1. Notice is not deemed to have been deposited in the post-office when deposited in any branch post-office or in any letter box under the control of the post-office department.

Statement 2. Where the waiver is embodied in the instrument itself, it is biding upon all parties; but where it is express above the signature of an indorser, it binds him only. A. True, True B. True, False C. False, False D. False, True 14. Statement 1. Notice of dishonor is not required to be given to the drawer where the drawer and drawee are the same person. Statement 2. Notice of dishonor is not required to be given to the drawer where the drawer has countermandated payment. A. True, True B. True, False C. False, False D. False, True 15. Statement 1. Notice of dishonor is not required to be given to an indorser where the instrument was made or accepted for his accommodation. Statement 2. Notice of dishonor is not required to be given to an indorser where the indorser is the person to whom the instrument is presented for payment. A. True, True B. True, False C. False, False D. False, True 16. The time for making renunciation of the holder is/are: A. Before maturity B. At maturity C. After maturity D. All of the above 17. Statement 1. Renunciation must be expressed in writing. Statement 2. Renunciation need not be in writing. A. True, True B. True, False C. False, False D. False, True 18. Renunciation discharges the negotiable instrument when: A. It is absolute and conditional B. It is made before or after maturity C. It is made in favor of the person secondarily liable D. None of the above

19. Cancellation is operative: A. When made unintentionally B. When made under mistake C. A and B D. None of the above 20. A bill of exchange is an unconditional order in _____ addressed by _____ person to another. A. Writing, one or more B. Writing, one C. Writing, two or more D. None of the above 21. An acceptance is qualified that is to say, which makes payment by the acceptor dependent on the fulfillment of a condition therein stated. A. Conditional B. Partial C. Local D. None of the above 22. An acceptance is qualified that is to say, an acceptance to pay only at a particular place. A. Conditional B. Partial C. Local D. None of the above 23. An acceptance is qualified that is to say, an acceptance to pay part only of the amount for which he bill is drawn. A. Conditional B. Partial C. Local D. None of the above 24. It is an acceptance which assents without qualification to the order of the drawer. A. Qualified B. General C. Either A or B D. None of the above 25. It is an acceptance in express terms varies the effect of the bill as drawn. A. Qualified B. General C. Either A or B D. None of the above

ANSWERS AND EXPLANATIONS 1.D 2.A 3.C 4.C 5.A 6.C 7.B 8.C 9.A 10.A 11.D 12.D 13.C 14.A 15.A 16.D 17.B 18.D 19.D 20. B 21.A 22.C 23.B 24.B 25.A

1. Section 101 states that notice is given to the party himself or to his trustee or assignee. 2. Both statements are true as stated in Section 102 and Section 107 respectively. 3. Both A and B are the answer as stated in Section 109. 4. Both A and b are true as stated in Section 109. 5. Presentment is included as one which is considered deemed waived in Section 111. 6. Section 125 states that the constitutions for a material alteration. 7. Section 120 laid down the requisites for a person secondarily liable be discharged. 8. Section 119 states that both A and B are needed o discharge an instrument 9. Section 129 stated the classes of bills of exchange which are foreign and inland. 10. As stated in Section 132, requisites for actual acceptance must be in writing and must be signed by the drawee not drawer. 11. In Section 148, presentment may be excused when the drawee is dead, drawee is incapacitated, acceptance has been refused and fictitious drawee. 12. It is stated in Section 149 that the instances for dishonor are refusal of the drawee to accept the bill and refusal of the drawee to write or place his acceptance on the bill itself. 13. Statement 1 is false because of the word not deemed as not in consonance with Section 106. Statement 2 is false because of the word express, it must be written as stated in Section 110. 14. Notice of dishonor is not required to be given to the drawer under any of the instances laid in Section 114. 15. Section 115 stated the following cases which both statements are present. 16. In section 122, the time for making renunciation by the holder is stated. 17. Renunciation must be in writing as stated in Section 122. 18. None of the above since it must be absolute and unconditional, It is made at or after maturity and is made in favor of the person primarily liable as stated in Section 122.

19. None of the above since A and B are instances n which cancellation is inoperative under Section 123. 20. The correct answer is writing and one as stated in Section 126. 21-23. answers are based from the stated definitions in Section 141. 24-25. Definitions are based from Section 139.