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COMMERCIAL LAW REVIEW I

QUIZ NO. 1
1. Distinguish Joint account from Partnership. Give at least 3 distinction.
2. What is a Commercial Transaction?
3. What is a ale in !ul"?
#. What are the instances $hen a sale in !ul" is an e%emption&e%clusion to the 'ul" ale (a$?
). '* agreed to sell to +C, a hip and -erchandise 'ro"er, 2,).. cu!ic meters of logs at /20 per
cu!ic meter 12'. +fter inspecting the logs, CD issued a purchase order.
2n the arrangements made upon instruction of the consignee, 34T Corporation of (+, California,
the P 'an" of (+ issued an irrevoca!le letter of credit availa!le at sight in favor of '* for the
total purchase price of the logs. The letter of credit $as mailed to 15 'an" $ith the instruction 6to
for$ard it to the !eneficiar7.8 The letter of credit provided that the draft to !e dra$n is on P 'an"
and that it !e accompanied !7, among other things, a certification from +C, stating that the logs
have !een approved prior shipment in accordance $ith the terms and conditions of the purchase
order.
'efore loading on the vessel chartered !7 +C, the logs $ere inspected !7 custom inspectors and
representatives of the 'ureau of 1orestr7, $ho certified to the good condition and e%porta!ilit7 of
the logs. +fter the loading $as completed, the Chief -ate of the vessel issued a mate receipt of
the cargo $hich stated that the logs are in good condition. 3o$ever, +C refused to issue the
re9uired certification in the letter of credit. 'ecause of the a!sence of certification, 15 'an"
refused to advance pa7ment on the letter of credit.
1: -a7 1e 'an" !e held lia!le under the letter of credit? 5%plain.
2: ;nder the facts a!ove, the seller, '*, argued that 15 'an", !7 accepting the o!ligation
to notif7 him that the irrevoca!le letter of credit has !een transmitted to it on his !ehalf, has
confirmed the letter of credit. Conse9uentl7, 15 'an" is lia!le under the letter of credit. <s the
argument tena!le? 5%plain.
=. 5%plain the three >3: distinct !ut intert$ined contract relationships that are indispensa!le in a
letter of credit transaction.
0. -r. ?o!le, as the President of +'C Trading <nc e%ecuted a trust receipt in favor of 'P< 'an" to
secure the importation !7 his compan7 of certain goods. +fter release and sale of the imported
goods, the proceeds from the sale $ere not turned over to 'P<. Would 'P< !e @ustified in filing a
case for estafa against ?o!le?
A. What acts or omissions are penaliBed under the Trust Ceceipts (a$? What acts or omissions are
penaliBed under the Trust Ceceipts (a$?
D. + !u7s goods from a foreign supplier using his credit line $ith a !an" to pa7 for the goods. ;pon
arrival of the goods at the pier, the !an" re9uires + to sign a trust receipt !efore + is allo$ed to
ta"e deliver7 of the goods. The trust receipt contains the usual language. + disposes of the goods
and receives pa7ment !ut does not pa7 the !an". The !an" files a criminal action against + for
violation of the Trust Ceceipts (a$. + asserts that the trust receipt is onl7 to secure his de!t and
that a criminal action cannot lie against him !ecause that $ould !e violative of his constitutional
right against 6imprisonment for nonpa7ment of a de!t.8 <s he correct?

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