Asked by Adeeb Ebaad on May 22, 2024
Verified
Who are the parties to checks and notes?
Parties
Individuals or entities involved in a legal proceeding, contract, or agreement.
Checks
Written, dated, and signed instruments that direct a bank to pay a specific sum of money from the drawer's account to the person or entity in whose name the check has been issued.
Notes
are written promises to pay a specified amount of money, either on demand or at a set time, to the person named on the document or to their bearer.
- Understanding the fundamental parties to checks and notes.
Verified Answer
JC
Justis CoventryMay 27, 2024
Final Answer :
A check involves three parties. The drawer of a check is the person who issues it. The drawee is the party who is ordered to pay a fixed amount of money to the payee . In the case of a check, the drawee is a bank. A note involves two parties: the maker , who promises to pay, and the payee , the person to whose order the instrument is made payable.
Learning Objectives
- Understanding the fundamental parties to checks and notes.