Asked by habibatou diallo on Jul 24, 2024
Verified
X signs a negotiable instrument ordering Y to pay Z the sum of $500. Y is the:
A) maker.
B) drawee.
C) payee.
D) drawer.
Drawee
The party, typically a bank, required to pay the specified amount on a check or draft when it is presented for payment.
Negotiable Instrument
A written document guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the payer named on the document.
Maker
The party in a transaction who creates or issues a promissory note, thereby promising to pay a certain sum to a specified person or entity.
- Acquire knowledge of the positions and obligations of the parties implicated in negotiable instruments, such as the drawer, drawee, payee, and holder in due course.
Verified Answer
Learning Objectives
- Acquire knowledge of the positions and obligations of the parties implicated in negotiable instruments, such as the drawer, drawee, payee, and holder in due course.
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