Fact Pattern 24-2A (Questions A3-A4 apply)
Commodity Sales Corporation and Resource Purchasing Company enter a contract for a sale of unprocessed silver.Commodity Sales draws a draft unconditionally ordering Resource Purchasing to pay $50,000 to Commodity Sales's order in sixty days.Resource Purchasing signs and dates the draft.
-Refer to Fact Pattern 24-2A.On this instrument,Commodity Sales is
A)the banker.
B)the drawer.
C)the maker.
D)the trader.

Question

Quizplus · Accepted Answer

Commodity Sales is the drawer, as they are the party who created and issued the draft ordering Resource Purchasing to pay the specified amount.

Fact Pattern 24-2A (Questions A3-A4 Apply)