A person who transfers a negotiable instrument to another for consideration warrants all but which of the following? Multiple Choice That the instrument has not been altered. That he or she is unaware of insolvency proceedings against the maker, acceptor, or drawer of the instrument.
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- TRUE OR FALSE An instrument payable out of a contingency is not negotiable even if the contingency happened. The drawee in a promissory note must be named or otherwise indicated therein with reasonable certainty. An endorsement cannot be stricken out. A person who signed an instrument without indicating in what capacity he signs shall be considered an endorser. The defense that the instrument is undelivered and was completed without authority is a real defense.Similar to a like-kind exchange, the receipt of “boot” under Sec. 351 can cause loss to be recognized. Question 4 options: True FalseV5. As FASB codification 420-10-25-12 stays “A liability for costs to terminate a contract before the end of its term shall be recognized when the entity terminates the contract in accordance with the contract terms (for example, when the entity gives written notice to the counterparty within the notification period specified by the contract or has otherwise negotiated a termination with the counterparty).” penalty for terminating early Is just a liability? Please explain. Argue about this statement
- 92. Which of the following is not a mode of extinguishment of contract of sale? Group of answer choices a. Redemption, whether legal redemption or conventional redemption b. Fulfilment of suspensive condition on sale of a determinate thing whose acquisition of ownership by the seller depends upon a contingency c. Resale of the goods by the unpaid seller d. Cancellation of sale of personal property in instalments by the seller in case the buyer defaulted in at least two instalmentsCoron signs a blank piece of paper and delivers it to Puerto with the intention of making the instrument negotiable. a. Puerto can fill it up for any amount b. Puerto has implied authority to complete it c. a and b d. None of the aboveA owes B. B assigns the credit to C. B is in good faith. It was agreed 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 Jul. 6, 2019 and the assignment was made Aug. 8, 2019, until when is the guaranty? (See Art. 1629)
- The drawee of a check is not liable on the instrument until the check is _______. a.) Accepted. b.) Rejected. c.) Dishonored. d.) Presented.A negotiable instrument can be indorsed by way of a restrictive indorsement, which prohibits further negotiation and constitutes the indorsee as agent of the indorser. As agent, the indorsee has the right, among others, to a. receive payment of the instrument. b. demand payment of the instrument only. c. notify the drawer of the payment of the instrument. d. instruct that payment be made to the drawee.15 One of the following is not a transaction deemed sale and is therefore not subject to VAT. Which is it? Group of answer choices Distribution or transfer to creditors of goods or properties of a VAT-registered person in payment of debt. Transfer, use or consumption not in the ordinary course of business of goods or properties originally intended for sale or for use in the course of business. Consignment of goods if actual sale is not made within 30 days following the date such goods were consigned. Distribution or transfer to stockholders or investors of goods or properties as share in the profits of a VAT-registered person.
- Entity A issues an instrument that is re-purchasable by delivering cash or another financial asset. FHo 4. However, Entity A's All rights belongs to respective author Downloaded by era 2020 ean cszmoeaton@gma.com) buving the original co 338 PAS 32 contractual obligation to repurchase the instrument is conditional on the holder (the counterparty) exercising its right to redeem. Which of the following statements is correct from the perspective of Entity A? a. The instrument is a financial liability because when the holder exercises its redemption right, Entity A does not have the unconditional right to avoid making the payment. b. The instrument is an equity instrument because Entity A's contractual obligation to deliver cash or another financial asset is conditional on the holder exercising its right to payment. c. Entity A initially classifies the instrument as an equity instrument. However, when the holder exercises its redemption right, the instrument is reclassified to financial…72 which of the following circumstances will a mortgage loan originator be permitted more than 120 days of temporary authority? A) The application is complete and the agency has not yet made a decision. B) The individual has overlooked uploading required documentation. C) The individual has overlooked supplying state specific documents. D) The individual's criminal history records have not yet been completed.6. Buwis Buhay Incorporated had several outstanding obligations on December 31, 2019. The brief descriptions listed below can be ascertained from these liabilities. r. In June 2019, Buwis Buhay was involved in a court case amounting to P10,000,000. The attorney assessed that it is probable that the company will win the case with P4,500,000 as the best estimate of the reward. • In August 2019, Baguio City brought an action against the company for polluting the surrounding rivers with its waste products costing P5,000,000. It is probable that Baguio City will be successful but the amount of damages Buwis Buhay might have to pay is not to exceed P2,500,000. • In December 2019, another litigation case amounting to P20,000,000 was filed against Buwis Buhay for injuring pedestrians due to its renovation projects within the premise. This court case is seen to have remote likelihood of occurrence because the evidences filed are not strong.