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The set also covers common carriers’ liability standard and begins a letter of credit and trust receipt scenario under Philippine law.",{"@graph":14,"@context":65},[15,34,56],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/document/","Document",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/document/exam/","Exam",3,{"item":32,"name":10,"@type":21,"position":33},"https://docshare.wps.com/document/2015-bar-examinations-mercantile-law/319977/",4,{"url":32,"name":10,"@type":35,"image":36,"author":41,"headline":10,"publisher":44,"fileFormat":47,"inLanguage":8,"description":12,"dateModified":48,"datePublished":49,"encodingFormat":47,"isAccessibleForFree":50,"interactionStatistic":51},"DigitalDocument",{"url":37,"@type":38,"width":39,"height":40},"https://docshare.wps.com/thumbnails/2015-bar-examinations-mercantile-law/319977.png","ImageObject",300,407,{"name":42,"@type":43},"\tCallum ","Person",{"url":19,"name":45,"@type":46},"DocShare","Organization","application/pdf","2026-10-27","2026-09-20",true,{"@type":52,"interactionType":53,"userInteractionCount":55},"InteractionCounter",{"@type":54},"ViewAction",10,{"@type":57,"mainEntity":58},"FAQPage",[59],{"name":60,"@type":61,"acceptedAnswer":62},"What is the three-fold character of a bill of lading?","Question",{"text":63,"@type":64},"It functions as a receipt for shipped goods, as the contract outlining responsibilities and obligations among shipper, carrier, and consignee, and as evidence of the contract of carriage with its terms and conditions.","Answer","https://schema.org",{"og:url":32,"og:type":67,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":69,"canonical":32},"index,follow",{"doc_id":71,"site_id":7},319977,1790373626,{"code":4,"msg":74,"data":75},"success",[76,80,84,87,92,97,102,107,112,115,118],{"id":22,"doc_module":4,"doc_module_name":25,"category_name":77,"show_sort_weight":78,"slug":79},"Story & Novel",90,"story-novel",{"id":26,"doc_module":4,"doc_module_name":25,"category_name":81,"show_sort_weight":82,"slug":83},"Literature",80,"literature",{"id":33,"doc_module":4,"doc_module_name":25,"category_name":29,"show_sort_weight":85,"slug":86},70,"exam",{"id":88,"doc_module":4,"doc_module_name":25,"category_name":89,"show_sort_weight":90,"slug":91},5,"Comic",60,"comic",{"id":93,"doc_module":4,"doc_module_name":25,"category_name":94,"show_sort_weight":95,"slug":96},6,"Technology",50,"technology",{"id":98,"doc_module":4,"doc_module_name":25,"category_name":99,"show_sort_weight":100,"slug":101},7,"Healthcare",40,"healthcare",{"id":103,"doc_module":4,"doc_module_name":25,"category_name":104,"show_sort_weight":105,"slug":106},8,"Research & Report",30,"research-report",{"id":108,"doc_module":4,"doc_module_name":25,"category_name":109,"show_sort_weight":110,"slug":111},9,"Religion & Spirituality",20,"religion-spirituality",{"id":110,"doc_module":4,"doc_module_name":25,"category_name":113,"show_sort_weight":110,"slug":114},"World Cup","world-cup",{"id":55,"doc_module":4,"doc_module_name":25,"category_name":116,"show_sort_weight":55,"slug":117},"Lifestyle","lifestyle",{"id":119,"doc_module":4,"doc_module_name":25,"category_name":120,"show_sort_weight":88,"slug":121},19,"General","general",{"code":4,"msg":74,"data":123},{"doc_id":71,"user_id":124,"nickname":42,"user_avatar":125,"doc_module":4,"category_id":33,"category_name":29,"doc_title":10,"doc_description":12,"doc_content":126,"file_id":127,"file_url":128,"file_type":129,"file_size":130,"view_count":55,"is_deleted":4,"is_public":22,"is_downloadable":22,"audit_status":22,"page_count":131,"language":132,"language_code":8,"site_id":7,"html_lang":8,"table_of_contents":133,"faqs":134,"seo_title":135,"seo_description":12,"update_tm":136,"read_time":100,"preview_page_count":4},137451211410,"https://ap-avatar.wpscdn.com/avatar/2000bb0a9246f588df?x-image-process=image/resize,m_fixed,w_180,h_180&k=1786362646172706240","2015 BAR EXAMINATIONS  \nMERCANTILE LAW  \nI .  \nA . Nadine has a checking account with Fair & Square Bank . One day, she lost her checkbook and the finder was able to forge her signature and encash  \nthe forged check . Will Nadine be able to recover the amount debited from her checking account from Fair & Square Bank? Justify your answer .(3%)  \nYes, Nadine should be able to recover the amount debited from her checking account from Fair and Square Bank. The Bank is supposed to know the signature of its clients. The Bank was thus negligent in not detecting the forgery of Nadine’s signature and paying the check. Under the circumstances, there was no negligence on the part of Nadine which would preclude her from invoking forgery. Philippine National Bank vs Quimpo,  \n158 SCRA 582  \nB . Is a manager’s check as good as cash? Why or why not? (2%)  \nYes, the Supreme Court held in various decisions that a manager’s check is good as cash. A manager’s check is a check drawn by the bank against itself. It is deemed pre-accepted by the bank from the moment of issuance. The check becomes the primary obligation of the bank which issues it and constitutes its written promise to pay. By issuing it, the bank in effect commits its total resources, integrity and honor behind the check. ( Tan vs Court of Appeals, 239 SCRA 310; International Corporate Bank vs Gueco, 351 SCRA 516; Metrobank and Trust Company vs Chiok, GR No . 172652, November 26, 2014  \nAlternative answer  \nManager’s check is not legal tender because under Article 1249 of the Civil Code, checks do not produce the effect of payment until encashed or through the fault of the creditor, their value has been impaired. Moreover, under the Central Bank Act, the debtor can not compel the creditor to  \naccept checks in payment of a debt whether public or private ( Article 60 of RA 7653 )  \nC . When can you treat a bill of exchange as a promissory note? (3%)  \nA bill of exchange may be treated as a promissory note in the following instances.  \n1. The drawee is a fictitious person or a person not having the capacity to contract;  \n2. The drawer and the drawee are one and the same person.  \n3. Where the instrument is so ambiguous that there is a doubt as to whether the instrument is a bill or a note, the holder may treat it either as a bill or note, at the option of the holder. ( Sections 130 and 17 of the Negotiable Instruments Law  \nII .  \nA . Novette entered into a contract for the purchase of certain office  \nsupplies . The goods were shipped . While in transit, the goods were insured by Novette . Does she have an insurable interest over the goodseven before delivery of the same to her? Explain . (2%)  \nYes, Novette has an insurable interest in the goods. The contract of sale was already perfected and Novette acquired interest thereon although the goods have yet to be delivered.  \nB . Will an insurance policy be binding even if the premium is unpaid? What if it were partially paid? (3%)  \nAs a general rule, the insurance policy is not valid and binding unless the premium thereof has been paid. This is the cash and carry rule under the Insurance Code. Premium is the consideration for the undertaking of the insurer to indemnify the insured against a specified peril. There are exceptions, however, one of them is when there is an agreement allowing the insured to pay the premium in installments and partial payment has been made at the time of the loss. ( Makati Tuscany Condominium Corporation vs Court of Appeals, 215 SCRA 463  \nIII .  \nA . Discuss the three-fold character of a bill of lading . (3%)  \nA bill of lading is considered a receipt for the goods shipped to the common carrier.  \nIt also serves as the contract by which three parties, namely, the shipper, the carrier and the consignee undertake specific responsibilities and assumed stipulated obligations.  \nThird, it is the evidence of the existence of the contract of carriage providing for the terms and conditions thereof ( Keng Hua Pape","cbCaijCBEKFipI9E","https://ap.wps.com/l/cbCaijCBEKFipI9E","pdf",166974,16,"English","# MERCANTILE LAW\n## I\n## II\n## III\n## IV","[{\"question\":\"What is the three-fold character of a bill of lading?\",\"answer\":\"It functions as a receipt for shipped goods, as the contract outlining responsibilities and obligations among shipper, carrier, and consignee, and as evidence of the contract of carriage with its terms and conditions.\"}]","2015 BAR EXAMINATIONS - MERCANTILE LAW | PDF",1789948424]