Lesson 2
問題一覧
1
implies the verbal promise of the debtor when he buys consumable goods
of credit and this is otherwise known as charge account. The creditor enters the account in his
notebook to show the existence of credit transaction
open book account
2
an unconditional promise in writing made by one person to another, signed
by the maker, engaging to pay on demand or at a fixed future time a certain sum of money to order
or to bearer.
promissory notes
3
one that bears only the name of the maker .
single-name promissory note
4
one that bears the signature of 2 persons - the maker and co-
maker.
two-name
5
one in which the collateral is described on its face .
or one a separate document. The value of the collateral shall be over and above the loan
granted.
collateral/secured promissory note
6
a written promise on the part of the bank to honor drafts
drawn against it or for its account by a specifi.ed beneficiary or his order under the specified
beneficiary of his order under the specifications contained in the letter of credit. A letter
issued by a bank at the request of a buyer authorizing the seller to draw drafts against the
bank for a designated sum of money payable at a specific time.
commercial letter of credit
7
the buyer of merchandise who will initiate the letter of credit.
importer
8
the party who is to receive the letter of credit.
exporter
9
bank of the buyer that issues and undertakes the letter of credit for the
account of the buyer. It will notify the beneficiary that the Jetter of credit has been opened.
opening bank
10
bank of the seller instructed to pay the letter of credit .
negotiating bank
11
when the opening bank issues a letter addressed generally to persons
or corporation indicating its intention to honor the drafts of the beneficiary under the
terms specified therein.
circular
12
when the opening bank notifies the beneficiary directly of
through a notifying bank.
specially advised
13
when the bank has the right to cancel the credit before negotiations
without prior notice to the beneficiary. This is no longer allowed by the Philippine
banks with a resolution of the MB of BSP
revocable
14
when the bank waives its right to cancel of notify the credit prior to
negotiations. Here, the exporter is accorded greater protection since the importer
cannot cancel the order.
irrevocable
15
when the notifying bank upon instructions of the opening bank
assumes the obligation to perform the undertaking stipulated in the letter of
credit. The liability of the bank of the importer is also the liability of the bank of
the exporter, hence, the exporter enjoys the protection of 2 banks.
confirmed
16
when the bank of the exporter does not assume any other
obligation except that of notifying the beneficiary, in short, it acts only as the
advising or paying agent for the issuing of bank.
unconfirmed
17
emphasizes its use as a medium of exchange e.g. gov't credit money,
bank credit money.
credit money
18
used to facilitate the use of credit in short-term
commercial activities. e. g. checks, drafts, acceptances promissory notes, etc.
commercial credit money
19
used for long-term credit e.g. bonds, stock
certificate.
investment credit
20
those instrument that lacks the essentials of negotiability. e. g. open
book account.
Non-negotiable
21
the transfer of the instrument from one party to another party
negotiation
22
exhibiting of the instrument at the bank either for payment or for
acceptance.
presentment
23
this means that the instrument is refused payment or refused
acceptance
dishonor
24
it is simply indicated by the signature of the endorser at the back of
the instrument or on some paper attached thereto.
endorsement
25
the printing of one's name and signature at the back of
the instrument without specifying the indorsee.
blank endorsement
26
one in which the indorser specifies the person to
whom or whose order the instrument is to be payable.
full/special endorsement
27
an endorsement that prohibits the further
negotiation of the instrument.
restrictive endorsement
28
it is one that limits the liability of the endorser. It is made by writing the words "without recourse".
qualified endorsement
29
it is a special endorsement to which words are added
that create a condition which must happen before the endorsee is entitled to
payment.
conditional endorsement
30
is one who accepts the instrument with the understanding
that:
• it is complete & regular on its face;
• he became holder before its maturity;
• he possesses no knowledge that the instrument has been dishonored;
• he has no knowledge of any defect of the instrument; and
• he accepted the instrument in good faith and for value received.
holder in due course
Lesson 2
Lesson 2
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finaleeeeeeeeee
mjay rabena · 5問 · 10ヶ月前finaleeeeeeeeee
finaleeeeeeeeee
5問 • 10ヶ月前問題一覧
1
implies the verbal promise of the debtor when he buys consumable goods
of credit and this is otherwise known as charge account. The creditor enters the account in his
notebook to show the existence of credit transaction
open book account
2
an unconditional promise in writing made by one person to another, signed
by the maker, engaging to pay on demand or at a fixed future time a certain sum of money to order
or to bearer.
promissory notes
3
one that bears only the name of the maker .
single-name promissory note
4
one that bears the signature of 2 persons - the maker and co-
maker.
two-name
5
one in which the collateral is described on its face .
or one a separate document. The value of the collateral shall be over and above the loan
granted.
collateral/secured promissory note
6
a written promise on the part of the bank to honor drafts
drawn against it or for its account by a specifi.ed beneficiary or his order under the specified
beneficiary of his order under the specifications contained in the letter of credit. A letter
issued by a bank at the request of a buyer authorizing the seller to draw drafts against the
bank for a designated sum of money payable at a specific time.
commercial letter of credit
7
the buyer of merchandise who will initiate the letter of credit.
importer
8
the party who is to receive the letter of credit.
exporter
9
bank of the buyer that issues and undertakes the letter of credit for the
account of the buyer. It will notify the beneficiary that the Jetter of credit has been opened.
opening bank
10
bank of the seller instructed to pay the letter of credit .
negotiating bank
11
when the opening bank issues a letter addressed generally to persons
or corporation indicating its intention to honor the drafts of the beneficiary under the
terms specified therein.
circular
12
when the opening bank notifies the beneficiary directly of
through a notifying bank.
specially advised
13
when the bank has the right to cancel the credit before negotiations
without prior notice to the beneficiary. This is no longer allowed by the Philippine
banks with a resolution of the MB of BSP
revocable
14
when the bank waives its right to cancel of notify the credit prior to
negotiations. Here, the exporter is accorded greater protection since the importer
cannot cancel the order.
irrevocable
15
when the notifying bank upon instructions of the opening bank
assumes the obligation to perform the undertaking stipulated in the letter of
credit. The liability of the bank of the importer is also the liability of the bank of
the exporter, hence, the exporter enjoys the protection of 2 banks.
confirmed
16
when the bank of the exporter does not assume any other
obligation except that of notifying the beneficiary, in short, it acts only as the
advising or paying agent for the issuing of bank.
unconfirmed
17
emphasizes its use as a medium of exchange e.g. gov't credit money,
bank credit money.
credit money
18
used to facilitate the use of credit in short-term
commercial activities. e. g. checks, drafts, acceptances promissory notes, etc.
commercial credit money
19
used for long-term credit e.g. bonds, stock
certificate.
investment credit
20
those instrument that lacks the essentials of negotiability. e. g. open
book account.
Non-negotiable
21
the transfer of the instrument from one party to another party
negotiation
22
exhibiting of the instrument at the bank either for payment or for
acceptance.
presentment
23
this means that the instrument is refused payment or refused
acceptance
dishonor
24
it is simply indicated by the signature of the endorser at the back of
the instrument or on some paper attached thereto.
endorsement
25
the printing of one's name and signature at the back of
the instrument without specifying the indorsee.
blank endorsement
26
one in which the indorser specifies the person to
whom or whose order the instrument is to be payable.
full/special endorsement
27
an endorsement that prohibits the further
negotiation of the instrument.
restrictive endorsement
28
it is one that limits the liability of the endorser. It is made by writing the words "without recourse".
qualified endorsement
29
it is a special endorsement to which words are added
that create a condition which must happen before the endorsee is entitled to
payment.
conditional endorsement
30
is one who accepts the instrument with the understanding
that:
• it is complete & regular on its face;
• he became holder before its maturity;
• he possesses no knowledge that the instrument has been dishonored;
• he has no knowledge of any defect of the instrument; and
• he accepted the instrument in good faith and for value received.
holder in due course