00 Negotiable Instruments - Memorized Provisions

Question 1

Requisites of a negotiable instrument

Answer 1

Section 1, Form of Negotiable Instruments. — A i t b n m c t t f r:

(a) I m b i w a s b t m o d;

(b) M c a u p o o t p a s c i m;

(c) M b p o d, o a a f o d f t;

(d) M b p t o o t b; a

(e) W t i i a t a d, h m b n o o i t w r c.

Question 2

Definition of a promissory note

Answer 2

Sec. 184. Promissory Note, Defined. – A n p n w t m o t A i a u p i w m b o p t a, s b t m, e t p o d, o a a f o d f t, a s c i m t o o t b. W a n i d t t m o o, i i n c u i b h.

Question 3

Definition of a bill of exchange

Answer 3

Sec. 126. Bill of Exchange, Defined. – A b o e i a u o i w a b o p t a, s b t p g i, r t p t w i i a t p o d o a a f o d f t a s c i m t o o t b.

Question 4

When is a promise unconditional?

Answer 4

Sec. 3. When Promise is Unconditional. – A u o o p t p i u w t m o t A t c w:
(a) A i o a p f o o w r i t b m o a p a t b d w t a; o

(b) A s o t t w g r t t i. B a o o p t p o o a p f i n u.

Question 5

What constitutes certainty as to the sum of money?

Answer 5

Sec. 2. What Constitutes Certainty as to Sum. – T s p i a s c w t m o t A, a i i t b p:

(a) W i; o
(b) B s i; o
(c) B s i, w a p t, u d i p o a i o o i, t w s b d; o
(d) W e, w a a f r o a t c r; o
(e) W c o c o a a f, i c p s n b m a m.

Question 6

When is an instrument payable on demand?

Answer 6

Sec. 7. When Payable on Demand. – A i i p o d:
(a) W i i s e t b p o d, o a s, o o p; o
(b) I w n t f p i e.

W a i i, a, o i w o, i i, a r t p s i, a, o i i, p o d.

Question 7

Definition of a check.

Answer 7

Sec. 185. Check, Defined. – A c i a b o e d o a b p o d. E a h o p, t p o t A a t a b o e p o d a t a c.

Question 8

What constitutes a determinable future time?

Answer 8

Sec. 4. Determinable Future Time; What Constitutes. – A i i p a a d f t, w t m o t A, w i e t b p:

(a) A a f p a d o s; o
(b) O o b a f o d f t s t; o
(c) O o a a f p a t o o a s e w i c t h t t t o h b u.

Question 9

What is the presumption when a date is written on an instrument?

Answer 9

Sec. 11. Date, Presumption as to. – W t i o a a o a i t i d, s d i d p f t b t t d o t m, d a, o i, a t c m b.

Question 10

When is an instrument payable to order?

Answer 10

Sec. 8. When Payable to Order. – T i i p t o w i i d p t t o o a s p o t h o p t t o o a s p o t h o h o.
I m b d p t t o o:
(a) A p w i n m, d, o d; p
(b) T d o m; o
(c) T d; o
(d) T o m p j; o
(e) O o s o s p; o
(f) T h o a o f t t b.

Question 11

When is an instrument payable to bearer?

Answer 11

Sec. 9. When Payable to Bearer. – T i i p t b:
(a) W i i e t b s p; o
(b) W i i p t a p n t o b; o
(c) W i i p t t o o a f o n-e p, a s f w k t t p m i s p; o
(d) W t n o t p d n p t b t o a p; o
(e) W t o o l i i a i i b.