Asked by Grant Friesen on Jun 03, 2024
Verified
The drawee is the individual who signs a check and promises to pay.
Drawee
The party upon whom a check, draft, or bill of exchange is drawn and who is responsible for paying it.
Check
A written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer or to a specified person.
- Separate and clarify the functions and obligations of participants in negotiable instruments.
Verified Answer
ZK
Zybrea KnightJun 05, 2024
Final Answer :
False
Explanation :
The drawee is the individual or entity (such as a bank) on whom the check is drawn and who is expected to pay the amount to the payee. The person who signs the check is the drawer.
Learning Objectives
- Separate and clarify the functions and obligations of participants in negotiable instruments.