A time draft is payable on presentation to the drawee; the drawee must pay at once or dishonor the draft. A sight draft, allows a delay in payment.

Name: A time draft is payable on presentation to the drawee; the drawee must pay at once or dishonor the draft. A sight draft, allows a delay in payment.
Brand: Quizplus
Rating: 4.8 (46 reviews)

Question

Quizplus · Accepted Answer

A time draft is actually payable at a future date, while a sight draft requires immediate payment upon presentation. Therefore, the statement in the question is incorrect.

A Time Draft Is Payable on Presentation to the Drawee;