P is in dire need of cash. He then approaches M and requests that M issue a negotiable bill of exhange in P's favor at P50,000 so that P can sell the instrument to A. So M issued a negotiable BOE to P, then P endorsed it to A. Upon due date of the said BOE, who are the primarily liable party/parties to the instrument who should pay A? a. M and P b. M or P c. M d. P
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P is in dire need of cash. He then approaches M and requests that M issue a negotiable bill of exhange in P's favor at P50,000 so that P can sell the instrument to A. So M issued a negotiable BOE to P, then P endorsed it to A. Upon due date of the said BOE, who are the primarily liable party/parties to the instrument who should pay A?
a. M and P
b. M or P
c. M
d. P
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- M issues a negotiable promissory note payable to the order of P for P10,000 in exchange for his legal services worth P9,000. Later, P endorses the instrument to A for P10,000. Based solely on these facts, how much should M pay A?M issues a negotiable BOE payable to P or order for P10,000. P endorsed the instrument to A, then A to B, then B to C, then C to D. D presents the instrument to the drawee, but the drawee dishonored the instrument. From whom can D seek immediate recourse?M issues a negotiable BOE payable to P or order for P10,000. P endorsed the instrument to A, then A to B, then B to C, then C to D. D presents the instrument to the drawee, but the drawee dishonored the instrument. From whom can D seek immediate recourse? a. M-C-B-A b. any of M,P,A,B,C without any particular order c. M and P first, then C, then B, then A d. C-B-A-P-M
- A owes B. B assigns the credit to C. B is in good faith. It was greed that B would be responsible for A’s solvency. The parties did not agree on the duration of the liability. If the debt was due July 6, 2019 and the assignment was made August 8, 2019. Until when is the guaranty?What if Jm owes Dean $1 million with Jericho as guarantor. The principal obligation is the debt of $1 million, while the accessory obligation is the guaranty of Jericho. What will be the remission of the debt of Jm by Dean?S (debtor) is indebted to T (creditor) in the amount of PhP50,000.00. S proposed to T that Y will be the one to pay the debt, making him (Y) as the new debtor. T agreed to the proposal. It turned out, however, that Y is insolvent so T was not able to collect the amount due from Y. Question: Can T enforce the obligation to S, given the insolvency of Y? Explain
- I. A, B and C are solidary debtors of X and Y, solidary creditors, for P60,000. X makes a demand to A but the latter paid Y. In here, the obligation is not extinguished.II. A and B solidary debtors of X, Y and Z, solidary creditors. X demands payment from A, but B, upon whom no demand is made paid Z the entire obligation. In here, the obligation is totally extinguished. True;true true;false false;false false;true1.] A entered into a verbal agreement with B whereby A will pay B 1 Million Pesos if the latter will burn the house of X. B succeeded in burning the house of X. Q1. Is there a contract between and B? Explain your answer. Q2. When B subsequently demanded payment from A, the latter refused to pay. Can B bring an action against A for non-fulfillment of his contractual obligation?D is indebted to C for P10,000 due on March 31, 2022. To secure the fulfillment thereof, D endorsed a negotiable promissory note executed by P for P15,000 due on January 31, 2022. In this case,a. The pledge is void since the promissory note would be due earlier than the obligation it secures.b. D will collect the P15,000 on January 31, 2022 and pay C with the proceeds of the collectionc. C may collect the proceeds of the note and apply the P15,000 for the payment of D’s obligationd. C may collect the proceeds of the note and applyP10,000 for the payment of D’s obligation and return the excess P5,000 to D.
- -G, guardian of M, sold the latter’s parcel of land worth P100,000 for only P90,000. Is the contract rescissible? Explain. -X orally sold his lot to Y for P500,000 and the latter gave an earnest money in the amount of P50,000 which the former acknowledged in a receipt. Later on, X refused to comply with the contract. Can Y enforce the contract against X? Explain.Suppose that Dealer A owes Dealer B a swap contract with a market value of $5, whereasDealer B owes Dealer A a swap contract with a market value of $8. Dealer B has other liabilitiesto other creditors worth $12, while Dealer B only holds $3 in cash, so Dealer B goes bankrupt.a. Dealer A and Dealer B trade OTC without netting contracts. In bankruptcy, the assets ofDealer B are shared equally among all creditors. Q: Suppose that Dealer A and Dealer B wrote derivative contracts that allow netting inbankruptcy (and thereby a reduction of replacement losses), whereas Dealer B’s contracts withother creditors do not involve derivatives. In bankruptcy, after netting the derivative contractswith Dealer A, the assets of Dealer B are shared equally among all creditors.i) After netting, compute the total liabilities of Dealer B.ii) In bankruptcy, how much does each creditor of Dealer B obtain per dollar of liability?iii) How much of its total liability of $8 does Dealer A recover?3. Goldenrod offered to buy a mortgaged property owned by Barreto Realty to which it paid an earnest money amounting to P1 million. It was agreed upon that Goldenrod would pay the outstanding obligations of Barreto Realty with UCPB. However, Goldenrod did not pay UCPB because of the banks denial of its request for the extension to pay the obligation. Thereafter, Goldenrod, through its brocker, informed Barreto Realty that it could not go through with the purchase of the property and also demanded the refund of the earnest money it paid. In the absence of a specific stipulation, may the seller of real estate unilaterally rescind the contract and as a consequence keep the earnest money to answer for damages in the event the sale fails due to the fault of the prospective buyer? Who are the persons incapacitated to give consent? Support your answer.