Commercial Law, 2011 Bar — Question 85

MULTIPLE CHOICE

A promissory note states, on its face: “I, X, promise to pay Y the amount of Php5,000.00 five days after completion of the on-going construction of my house. Signed, X.” Is the note negotiable? A) Yes, since it is payable at a fixed period after the occurrence of a specified event. B) No, since it is payable at a xed period after the occurrence of an event which may not happen. C) Yes, since it is payable at a fixed period or determinable future time. D) No, since it should be payable at a xed period before the occurrence of a specified event.

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