Asked by Cooper Lumsden on Jun 16, 2024
Verified
Jane borrowed $1,000 from West Bank and signed a promissory note. West Bank is:
A) the payee.
B) the drawee.
C) the drawer.
D) the maker.
Promissory Note
A written promise to pay a specified amount of money, usually with interest, at a determined future date.
Payee
The person or company to whom the check is payable.
Drawer
Person who writes a check.
- Identify the roles of the maker, drawer, payee, and drawee in a promissory note.
Verified Answer
VS
Vaibhav SinghJun 20, 2024
Final Answer :
A
Explanation :
West Bank is the payee because it is the entity to whom the $1,000 is to be paid according to the promissory note signed by Jane.
Learning Objectives
- Identify the roles of the maker, drawer, payee, and drawee in a promissory note.