When a commercial retailer accepts a cheque as payment from one of its customers,the retailer becomes the payee and the customer is the drawer.
Correct Answer:
Verified
Q41: A negotiable instrument is markedly different from
Q42: A written contract that contains an unconditional
Q43: A retailer who has made a substantial
Q44: A consumer's obligation to pay a consumer
Q45: A promissory note is a written order
Q47: A cheque is the most common example
Q48: There are no defences available against a
Q49: Standard banking documents are designed primarily to
Q50: An endorsed cheque is an example of
Q51: Individuals who conduct contractual business with banks
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents