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Is Jayzam correct in his assertion? Include legal basis/bases in your answers.

Is Jayzam correct in his assertion? Include legal basis/bases in your answers.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jayzam is a resident of Manila. He is also an export trader of chicks to a particular retailer in China. Over the years of his partnership with the Chinese retailer, he has accrued a total of Php 1,000,000 in liabilities. The Chinese retailer has an agent in Manila, and Jayzam has paid the agent in check for the amount of Php 1,000,000 upon demand. The check was determined to be "drawn against insufficient funds". For the amount of Php 2, the Chinese retailer assigned the credit to Camille, who sued Jayzam for the recovery of Php 1,000,000. Jayzam filed a motion to dismiss the suit on the ground that Cami1le was not an interested part and therefore, has no legal right to sue him. Jayzam also asserts that he had not agreed to the change in creditor. Is Jayzam correct in his assertion? Include legal basis/bases in your answers.
Transcribed Image Text:Jayzam is a resident of Manila. He is also an export trader of chicks to a particular retailer in China. Over the years of his partnership with the Chinese retailer, he has accrued a total of Php 1,000,000 in liabilities. The Chinese retailer has an agent in Manila, and Jayzam has paid the agent in check for the amount of Php 1,000,000 upon demand. The check was determined to be "drawn against insufficient funds". For the amount of Php 2, the Chinese retailer assigned the credit to Camille, who sued Jayzam for the recovery of Php 1,000,000. Jayzam filed a motion to dismiss the suit on the ground that Cami1le was not an interested part and therefore, has no legal right to sue him. Jayzam also asserts that he had not agreed to the change in creditor. Is Jayzam correct in his assertion? Include legal basis/bases in your answers.
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