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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Payee
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Acceptor
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Detailed explanation-1: -Endorser: A person is an endorser when they grant another party the authority to receive payment on their behalf.
Detailed explanation-2: -Basically, there are three parties to a cheque: Drawer: The person who draws the cheque, i.e. signs and orders the bank to pay the sum. Drawee: The bank on which the cheque is drawn or who is directed to pay the specified sum written on the cheque. Payee: The beneficiary, i.e. to whom the amount is to be paid.
Detailed explanation-3: -A cheque transaction involves three parties: the drawer, the drawee, and the payee. The drawer is the issuer of the cheque, the drawee is the financial institution, and the payee is the recipient of the cheque.
Detailed explanation-4: -Generally, there are two parties to a cheque. These include the drawer and the drawee. While the drawer is the person who draws the cheque, the drawee is the banker on whom it is drawn.