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Question
State whether the following statement is True or False.
A person to whom or as per his order, amount of bill is payable is a Payee.
Options
True
False
Solution
True
Explanation: The person to whom the amount of a bill is payable is known as a payee. The drawer himself or a third party, such as an endorsee, can be the payee of the bill.
RELATED QUESTIONS
Drawee can transfer the ownership of a bill.
Answer in one sentence only.
Who is a Drawer?
Give word / term or phrase for the following statement.
Acceptance without making any change in the terms of a bill.
Give word / term or phrase for the following statement.
Acceptance with some changes as regards the terms of a bill.
Write True or False.
Bill of exchange is an instrument in writing, containing an unconditional order.
A bill of exchange is signed by the person on whom it is drawn.
Write True or False.
Acceptance with some change as regards the terms of a bill general acceptance.
Write True or False.
Drawee is a person who holds the title of the bill in due course.
Write True or False
Drawee can transfer the ownership of the bill.
A person on whom a bill of exchange is drawn is called as _______
