Jamal Steel, a rapidly growing small steel company with annual revenues of $8 million, is looking to buy a large industrial furnace from Shinto Manufacturing, a Japan-based company. Rather than have a letter of credit binding the two parties, both agree on a draft. In international commerce, Shinto Manufacturing, the party initiating the draft, is known as the
A) maker.
B) drawee.
C) buyer
D) agent.
E) drafter.
Correct Answer:
Verified
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