Question: 21. A, B and C executed a promissory note worded as follows: We promise to pay X, Y and Z the sum of P90,000. (Sgd.)

21. A, B and C executed a promissory note worded as follows: "We promise to pay X, Y and Z the sum of P90,000." (Sgd.) A, B and C.*

(A) A is obliged to pay X, Y and Z P90,000

(B) A is obliged to pay X P30,000

(C) A is obliged to pay Z P60,000

(D) A is obliged to pay X and Z only but not Y

(E) A is obliged to pay X P10,000

Brief explanation will do. Thanks!

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Law Questions!

Q:

61. A, B and C executed a promissory note worded as: "We promise to pay X, Y and Z the sum of P90,000. (Sgd.) A, B and C."* (A) A is obliged to pay X, Y and Z the amount of P90,000. (B) A is obliged...

Q:

REGULATORY FRAMEWORK AND LEGAL ISSUES IN BUSINESS 16. Bert borrowed Php1 million from Lux and offered to him his BMW car worth Php1Million as collateral. Bert then executed a promissory note that...

Q:

LAW ON OBLIGATIONS AND CONTRACTS A. Answer the following: 1. Ben promised to pay P100,000 to Ana on June 20, 2020. If today is June 21, 2020 and Ben has not effected payment yet, is Ben in delay? Yes...

Q:

LAW ON OBLIGATIONS AND CONTRACTS A. Answer the following: 1. Ben promised to pay P100,000 to Ana on June 20, 2020. If today is June 21, 2020 and Ben has not effected payment yet, is Ben in delay? Yes...

Q:

Case 1 Marlon executed a promissory note as follows: "I promise to pay Paul or order P50, 000 or to deliver to him a brand-new laptop computer." Question: Is the instrument negotiable? Case 2 Assess...

Q:

Chapter 10 from Business Law and the Legal Environment was adapted by The Saylor Foundation under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 license without attribution as requested...

Q:

please help with transactions, the worksheet,income statement, and owner equity A B June 1: Hudson Bloom invested $153,321.00 cash and computer equipment with a fair market value of $31,920.00 in his...

Q:

1.One of these promissory notes is not secured by mortgage or any other collateral: a.Bottomry bond b.Mortgage bond c.Debenture d.Insurer's bond 2.First statement: A promissory note that is payable...

Q:

Reference: Law in Negotiable Instrument, Notes in Business Law TRUE OR FALSE An instrument is presumed to be issued in exchange for a consideration. " I bind myself to pay Bitoy Cruz or Bearer Php...

Q:

Negotiable Instruments Law: Below are my answers to the questions related to the topic. From the feedback of this submitted assessment, it was stated that I HAVE TWO (2) MISTAKES. However, the...

Q:

One way to compare the accumulation of income by alterative business entity forms is to use mathematical models. The following models express the investment after-tax accumulation calculation for a...

Q:

Using the tax form for 2016, instructions and info attached, answer the following questions. 1. Assume you are a single person with no dependents who made $35,000.00 from your primary job and an...

Q:

The income statement reporting for other postretirement benefits ( OPEB ) is based on the? Group of answer choices cash basis of accounting. accrual basis of accounting. cash or accrual basis of...

Q:

According to the case study, Toyota Motor Manufacturing, U . S . A . , Inc., how did the procurement department keep costs low?

Q:

discuss the reliability of the data you have gathered;

Q:

undertake an initial analysis of your data;

Q:

determine an appropriate sample of respondents to provide trustworthy data.