- 1 Marks
Question
The person on whom a Bill of Exchange is drawn is called
A. Drawer
B. Payee
C. Drawee
D. Payer
E. Holder
Answer
Answer: C
Explanation:
The correct answer is “C. Drawee.” The drawee is the party upon whom a bill of exchange is drawn and who is required to pay. The drawer is the party who creates the bill, and the payee is the party who receives the payment.
- Tags: Bill of Exchange, Negotiable Instruments
- Level: Level 1
- Topic: Negotiable Instruments
- Series: MAY 2015
- Uploader: Kwame Aikins