NEGOTIABLE INSTRUMENTS.doc - NEGOTIABLE INSTRUMENTS QUIZ1 1 Statement 1 A negotiable instrument is considered as a substitute for money Statement 2 A

NEGOTIABLE INSTRUMENTS.doc - NEGOTIABLE INSTRUMENTS QUIZ1 1...

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NEGOTIABLE INSTRUMENTS QUIZ1 1. Statement 1. A negotiable instrument is considered as a substitute for money. Statement 2. A negotiable instrument is considered as a legal tender. - Statement 1 is true: Statement 2 is false 2. When all the rights of action under the instrument are completely extinguished. The instrument is said to be -discharged Statement 1. The Negotiable Instruments Law applies to all commercial papers. Statement 2. The Negotiable Instruments Law applies to checks. - Statement 1 is true; Statement 2 is true 3. A ____________________ is a bill of exchange drawn on a bank payable on demand. -check 4. Statement 1. The Negotiable Instruments Law of the Philippines was based on the Uniform State Laws in the United States. Statement 2.The Negotiable Instrument Law was published on March 4, 2011. - Statement 1 is true: Statement 2 is false 5. A _____________ is an instrument issued by a lender in exchange for an article pledged, bearing particulars of the loan. This instrument has limited negotiability. - pawn ticket 6. Statement 1. A certificate of deposit can be considered as a negotiable instrument. Statement 2. A bill of lading is a negotiable instrument. - - Statement 1 is false: Statement 2 is false 7. A ______________ is the physical piece of paper representing ownership in a company. - certificate of stock 8. A ____________ is an unconditional order in writing addressed by one person to another signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to order or to bearer. This is a form of negotiable instrument. - bill of exchange 9. Which of the following is covered by the Law on Negotiable Instrument - Trust Receipt 10. A ____________ is an unconditional order in writing addressed by one person to another signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to order or to bearer. This is a form of negotiable instrument.
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  • Fall '16
  • james reyes
  • Promissory note, Negotiable instrument

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