Asked by Mayesha Tanjeen on Apr 27, 2024
Verified
Jim Stanley writes a check on his checking account with a bank.In this instance,the bank is the drawee.
Drawee
A person on whom a draft is drawn by the drawer.
Checking Account
A bank account from which money can be withdrawn or deposited, often used for daily transactions such as paying bills or receiving payroll deposits.
- Understand the roles of the drawer, drawee, and payee in the context of negotiable instruments.
Verified Answer
JH
Jabira HoldenApr 30, 2024
Final Answer :
True
Explanation :
A draft has three parties to it: one person (known as the drawer)orders a second person (the drawee)to pay a certain sum of money to a third person (the payee),to a person specified by that person,or to bearer.
Learning Objectives
- Understand the roles of the drawer, drawee, and payee in the context of negotiable instruments.
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