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Forfeiture of Shares

Drawee or pay...

Question

Drawee or payee in whose favor the promissory note is drawn is also called as________.

A

Promisee

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B

Promisor

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C

Creditor

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D

Debtor

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Solution

The correct option is A Promisee
The person to whom the promise to pay a sum of amount is made is called promisee. He is the person in whose favor the promissory note is drawn.

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Identify which of the following is true and which is false.
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Q.
The bill is drawn as an order to drawee to pay certain amount to payee. If drawee refuses to honour the bill, another person may be named in the bill itself, as _____.

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