A documentary draft issued for the purchase of goods by ABC Co.payable to XYZ Co.,payable upon presentation,defines ABC Co.as the _____,XYZ Co.as the _____,and the specialized name for the documentary draft is _____

Question

Quizplus · Accepted Answer

ABC Co. is the drawee as they are the party expected to pay the draft. XYZ Co. is the drawer as they are the party that issues the draft. A documentary draft payable upon presentation is known as a sight draft.

A Documentary Draft Issued for the Purchase of Goods by ABC