Asked by Trevor Debelak on Jun 15, 2024
Verified
Who is the drawee of the check Chloe presented to The Furniture Shop?
A) Chloe
B) The Furniture Shop
C) Rabia, as primary owner of The Furniture Shop
D) Chloe's bank
E) Rabia's bank
Drawee
The person or entity upon whom a check or draft is drawn and is responsible for paying the amount specified.
- Recognize the tasks and positions held by stakeholders in negotiable instruments, covering the drawer, maker, endorser, and acceptor.
Verified Answer
YM
Yajaira MendezJun 16, 2024
Final Answer :
D
Explanation :
The drawee of a check is the bank on which the check is drawn, meaning the bank that is asked to pay the amount specified on the check. In this case, it would be Chloe's bank, as she is the one who wrote the check.
Learning Objectives
- Recognize the tasks and positions held by stakeholders in negotiable instruments, covering the drawer, maker, endorser, and acceptor.