BUSINESS ADMINISTRATION
BUSINESS LAW
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Drawer
|
|
|
Acceptor
|
|
|
Maker
|
|
|
Payee
|
Detailed explanation-1: -The person named in the instrument, to whom or to whose order the money is by the instrument directed to be paid, is called the “payee".
Detailed explanation-2: -The person named in the instrument, to whom or to whose order the money is, by the instrument directed, to be paid, is called the ‘payee’.
Detailed explanation-3: -The person to whom the amount of cheque is payable or paid is called payee.
Detailed explanation-4: -The maker of a bill of exchange or cheque is called the “drawer; ” the person thereby directed to pay is called the “drawee.” When in the bill or in any indorsement thereon the name of any person is given in additional to the drawee to be resorted to in case of need, such person is called a “drawee in case of need.”
Detailed explanation-5: -So, a person who is named as payee and possesses an instrument is a holder. If the commercial paper is not payable to a particular person (i.e., it is payable to anyone in possession of the paper), anyone who has possession is a holder. An individual who is issued a note or draft is a holder.