BUSINESS ADMINISTRATION
BUSINESS LAW
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Drawer
|
|
|
Drawee
|
|
|
Checker
|
|
|
Checkee
|
Detailed explanation-1: -Drawee is a legal and banking term used to describe the party that has been directed by the depositor to pay a certain sum of money to the person presenting the check or draft.
Detailed explanation-2: -(2) “Drawee” means a person ordered in a draft to make payment. (3) “Drawer” means a person who signs or is identified in a draft as a person ordering payment.
Detailed explanation-3: -An unconditional order in writing (also known as a draft) in which the drawer (the issuer of the draft) instructs the drawee to pay a specified sum to the payee. The most common bill of exchange today is a check drawn on a bank account: the drawer is the owner of the account and the drawee is the bank.
Detailed explanation-4: -Drawee. The party which is ordered to pay the amount of bill of exchange is called Drawee.
Detailed explanation-5: -(1) “Acceptor” means a drawee who has accepted a draft.