BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Drawer
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Drawee
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Checker
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Checkee
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Detailed explanation-1: –The maker of a bill of exchange or cheque is called the “drawer”; the person thereby directed to pay is called the “drawee”.
Detailed explanation-2: -The maker of a bill of exchange or cheque is called the “drawer"; the person thereby directed to pay is called the “drawee".
Detailed explanation-3: -the drawer is the party that issues a bill of exchange – the ‘creditor’; the beneficiary or payee is the party to which the bill of exchange is payable; the drawee is the party to which the order to pay is sent-‘the debtor’.
Detailed explanation-4: -Drawer: A drawer is a person who agrees to pay the drawee a certain amount of money on the maturity of the promissory note. He/she is also known as maker. Drawee: She/He is an individual, in whose favour the note is prepared.
Detailed explanation-5: -A bill of exchange is a negotiable instrument signed and issued by the drawer authorizing the drawee to pay unconditionally at a fixed future date a sum certain in money to the payee or holder.