Asked by courtney mitchell on Jul 06, 2024
Verified
Franco buys a sofa from Grey at a garage sale. Franco writes Grey a check for $50 to pay for the couch. Grey is
A) none of the choices.
B) the drawee.
C) the drawer.
D) the payee.
Drawee
The party, usually a bank, required to pay the specified amount on a draft or check.
Drawer
The person or entity that writes and signs a check or draft, instructing the drawee (usually a bank) to pay the specified sum to the payee.
Payee
The individual or entity entitled to receive payment in a transaction.
- Understand the roles and responsibilities of the drawer, drawee, and payee in the context of checks.
Verified Answer
VG
Valerie GalindoJul 11, 2024
Final Answer :
D
Explanation :
Grey is the payee because he is the one receiving the payment from Franco.
Learning Objectives
- Understand the roles and responsibilities of the drawer, drawee, and payee in the context of checks.