BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -1) The maker: This is basically the person who makes or executes a promissory note and pays the amount therein. 2) The payee: The person to whom a note is payable is the payee. 3) The holder: A holder is basically the person who holds the notes. He may be either the payee or some other person.

Detailed explanation-2: -Drawer or maker is the person who signs a check, draft, promissory note, or other negotiable instrument and has the authority for doing so. By signing to the note he promises to pay the amount stated therein.

Detailed explanation-3: -(2) Drawee or Payee is the person in whose favour the promissory note is drawn. He is called the promisee.

Detailed explanation-4: -It is the maker who is primarily liable on a promissory note. The issuer of a note or the maker is one of the parties who, by means of a written promise, pay another party (the note’s payee) a definite sum of money, either on-demand or at a specified future date.

Detailed explanation-5: -A “maker” is a person who makes, frames, executes, or ordains. Some common uses of the term “maker” in a legal sense include: In the context of a check or promissory note, a “maker” is the person who signs a check or promissory note, which makes that person responsible for payment.