Asked by Alexandra Ivars on Apr 25, 2024
To accept a draft,the drawee:
A) need only sign the draft across the face of the instrument.
B) needs to write "accepted" on a separate piece of paper.
C) need only sign on a separate piece of paper affixed to the draft.
D) needs to write "accepted" behind the instrument and sign the bank's record.
Drawee
The party in a financial transaction who is directed to pay a certain amount of money as outlined in a draft or check.
Draft
A preliminary version of a document or plan that is subject to revision.
Accept
To agree to receive or undertake something offered.
- Understand the legal requirements and implications of accepting drafts.
Learning Objectives
- Understand the legal requirements and implications of accepting drafts.
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