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1.

Check shall produce the effect of payment:


I.
II.
III.
IV.

When the check has been encashed


When through the fault of the creditor the check has been impaired.
When a check has been cleared and credited to creditors account.
When the creditor accepts the check as payment.
a.
b.
c.
d.

I, II and III
I, II and IV
I and II
All of them

2. M issued a promissory note to payable to the order of P. P indorsed it specially to A. Without the knowledge of
A, X took the note and forged As signature and then delivered it to B, who specially indorsed it to C, C to D, D to
E, and E to H, a holder in due course. Against whom can H demand payment of the note?
a.
b.
c.
d.

B, C, D and E because their signatures appear after the forgery


M and P because their signatures are genuine and had not been forged
A because he is negligent in keeping the promissory note
Against all parties because H is a holder in due course

3. X issued a check in favour of his creditor, Y. It reads Pay to Y the amount of Seven Thousand Hundred Pesos
(Php700 000.00). Signed, X. What amount should be construed as true in such a case?
a.
b.
c.
d.

Php700 000.00
Php700.00
Php7 000.00
Php700 100.00

4. If the drawer and the drawee are the same person, the holder may present the instrument for payment without
need of a previous presentment for acceptance. In such a case, the holder treats it as a
a.
b.
c.
d.

Promissory note
Non-negotiable instrument
Letter of credit
Check

5. A promissory note states, on its face: I, X, promise to pay Y the amount of Php5 000.00 five days after the
completion of the on-going construction of my house. Signed, X. Is the note negotiable?
a.
b.
c.
d.

No, since it is payable at a fixed period after the occurrence of an event which may not happen.
Yes, since it is payable at a fixed period after the occurrence of a specified event.
Yes, since it is payable at a fixed period or determinable future time.
No, since it should be payable at a fixed period before the occurrence of a specified event.

6. Which of the following endorsers expressly warrants in negotiating an instrument that 1) it is genuine and true;
2) he has a good title to it; 3) all prior parties have capacity to negotiate; and 4) it is valid and subsisting at the
time of his endorsement?
a.
b.
c.
d.

The irregular indorser


The regular indorse
The qualified indorser
The general indorser

7. X executed a promissory note in favour of Y by way of accommodation. It says: Pay to order the amount of
Php50 000.00. Signed, X Y then indorsed the note to Z, and Z to T. When T sought collection from Y, the latter
countered as indorser that there should have been a presentment first to the maker who dishonours it. Is Y
correct?
a. Yes, since the secondary liability of Y and Z would only arise after presentment for payment and
dishonour by the maker.
b. Yes, since as an indorser who is secondary liable, there must first be presentment for payment and
dishonour by the maker.
c. No, since the absolute rule is that there is no need for presentment for payment and dishonour to hold
an indorser liable.
d. No, since Y is the real debtor and thus, there is no need for presentment for payment and dishonour by
the maker.
8. D drew a bill of exchange in favour of X or order for P10 000.00 The bill was addressed to D. The bill was
negotiated by X to Y. Which of the following statement is not correct?
a.
b.
c.
d.

The liability of D is primary


Y the holder may treat the instrument as promissory note
Notice of dishonour is not necessary to charge the drawer.
Presentment for payment to charge the drawer.

9. Which of the following constitute a promise to pay?


a. I.O.U
b. Due to X
c. For value received
d. I agree to pay
10. The following are the effects of crossing a check except:
a.
b.
c.
d.

The check may not be encashed but only deposited in the bank;
The check may be negotiated only once to one who has an account with a bank;
The check becomes non negotiable
It serves as warning to the holder that the check has been issued for a definite purpose so that he must
inquire if he has received the check pursuant to that purpose