Jones drew a check for $1,000 on The First Bank and mailed it to the payee, Thrift, Inc. Caldwell stole the check from Thrift, Inc.; chemically erased the name of the payee; and inserted the name of Henderson as payee. Caldwell also increased the amount of the check to $10,000 and, by using the name of Henderson, negotiated the check to Willis. Willis then took the check to The First Bank; obtained its certification on the check; and negotiated the check to Griffin, who deposited the check in The Second National Bank for collection. The Second National Bank forwarded the check to the Detroit Trust Company for collection from The First Bank, which honored the check. Griffin exhausted her account in The Second National Bank, and the account was closed. Shortly thereafter, The First Bank learned that it had paid an altered check. What are the rights of each of the parties?

Columbia University brought suit against Jacobsen on two notes signed by him and his parents. The notes represented the balance of tuition he owed the University. Jacobsen counterclaimed for money damages due to Columbia’s deceit or fraudulent misrepresentation. Jacobsen argues that Columbia fraudulently misrepresented that it would teach wisdom, truth, character, enlightenment, and similar virtues and qualities. He specifically cites as support the Columbia motto: “in lumine tuo videbimus lumen” (“In your light we shall see light”); the inscription over the college chapel: “Wisdom dwelleth in the heart of him that hath understanding”; and various excerpts from its brochures, catalogues, and a convocation address made by the University’s president. Jacobsen, a senior who was not graduated because of poor scholastic standing, claims that the University’s failure to meet its promises made through these quotations constituted fraudulent misrepresentation or deceit. Decision?

1.A borrowed P30,000.00 from B to be paid on September 10, 2016, in exchange for the loan, A surrendered his Iphone7 to B as security. On September 11, 2016, B demanded that A pay the P30,000.00 loan. Since A do not have enough money, he just told B that B can just have his Iphone/ as payment for his loan to which B agreed. Is the contract extinguished? Explain . 2. A, B, C and D are the solidary debtors of X for 240,000. X released D from the payment of his share of P10,000. When the obligation became due and demandable, C turned out to be insolvent. Considering the said incidents, what are the liabilitites of A, B, C, and D? 3. Aida, Lorna and Fe borrowed money from Juan, Pedro and Mario P3,000.00. Aida's obligation is due today, September 5, 2019, Lorna is a minor and Fe's obligation is due on September 10, 2019. Can Pedro alone proceed against Lorna alone for the payment of the entire P3,000.00? Explain . 4.Explain and Give an example of the following modes of extinguishing an…

The following are exceptions to the general rule that only persons who sign the negotiable instrument are liable thereon, except:     a. Agent who fails to disclose his principal b. Written promise to accept a bill before it is drawn c. Acceptance of a bill on a separate paper d. Persons signing under a trade name