Commercial Law, 2012 Bar — Question 15

MULTIPLE CHOICE

X issued a promissory note which states “I promise to pay Y or bearer the amount of HK$50,000 on or before December 30, 2013." Is the promissory note negotiable? A) No, the promissory note becomes invalid because the amount is in foreign currency. B) Yes, the promissory note is negotiable even though the amount is stated in foreign currency. C) No, the promissory note is not negotiable because the amount is in foreign currency. D) Yes, the promissory note is negotiable because the Hong Kong dollar is a known foreign currency in the Philippines.

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