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2012 Mercantile Law SYLLABUS

2012 Mercantile Law SYLLABUS

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Published by: Trisha Fernandez on Oct 17, 2012
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10/17/2012

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SYLLABUS FOR THE 2012 BAR EXAMINATIONS
M
ERCANTILE
L
AW
 
I. Letters of Credit
  A. Definition/conceptB. Governing lawsC. Nature of letter of creditD. Parties to a letter of credit1. Rights and obligations of partiesE. Basic principles of letter of credit1. Doctrine of independence2. Fraud exception principle3. Doctrine of strict compliance
II. Warehouse Receipts Law
  A. Nature and functions of a warehouse receipt1. To whom delivered2. Kinds3. Distinction between a negotiable instrument and a negotiable warehouse receipt4. Rights of a holder of a negotiable warehouse receipt as against a transferee of a non-negotiable warehouse receiptB. Duties of a warehousemanC. Warehouseman’s lien
III. Trust Receipts Law
 A. Definition/concept of a trust receipt transaction1. Loan/security feature2. Ownership of the goods, documents and instruments under a trust receiptB. Rights of the entruster1. Validity of the security interest as against the creditors of the entrustee/innocentpurchasers for value
 
 
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C. Obligations and liability of the entrustee1. Payment/delivery of proceeds of sale or disposition of goods, documents or instruments2. Return of goods, documents or instruments in case of sale3. Liability for loss of goods, documents or instruments4. Penal sanction if offender is a corporationD. Remedies available
IV. Negotiable Instruments Law
 A. Forms and interpretation1. Requisites of negotiability2. Kinds of negotiable instrumentB. Completion and delivery1. Insertion of date2. Completion of blanks3. Incomplete and undelivered instruments4. Complete but undelivered instrumentsC. Rules of interpretationD. Signature1. Signing in trade name2. Signature of agent3. Indorsement by minor or corporation4. ForgeryE. ConsiderationF. Accommodation partyG. Negotiation1. Distinguished from assignment2. Modes of negotiation3. Kinds of indorsementH. Rights of the holder1. Holder in due course2. Defenses against the holderI. Liabilities of parties1. Maker2. Drawer
 
 
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3. Acceptor4. Indorser5. WarrantiesJ. Presentment for payment1. Necessity of presentment for payment2. Parties to whom presentment for payment should be made3. Dispensation with presentment for payment4. Dishonor by non-paymentK. Notice of dishonor1. Parties to be notified2. Parties who may give notice of dishonor3. Effect of notice4. Form of notice5. Waiver6. Dispensation with notice7. Effect of failure to give noticel. Discharge of negotiable instrument1. Discharge of negotiable instrument2. Discharge of parties secondarily liable3. Right of party who discharged instrument4. Renunciation by holderM. Material alteration1. Concept2. Effect of material alterationN. Acceptance1. Definition2. Manner3. Time for acceptance4. Rules governing acceptanceO. Presentment for acceptance1. Time/place/manner of presentment2. Effect of failure to make presentment3. Dishonor by non-acceptanceP. Promissory notesQ. Checks1. Definition2. Kinds3. Presentment for payment

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