Commercial Law, 2012 Bar — Question 14

MULTIPLE CHOICE

X issued a promissory note which states, “I promise to pay Y or order Php100,000.00 or one (1) unit Volvo Sedan.” Which statement is most accurate? A) The promissory note is negotiable because the forms of payment are clearly stated. B) The promissory note is non-negotiable because the option as to which form of payment is with the maker. C) The promissory note is an invalid instrument because there is more than one form of payment. D) The promissory note can be negotiated by way of delivery.

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