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Question

Kinds of Negotiable Instruments 
The person on whom the bill is drawn is known as the -.


A
Drawee
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B
Drawer
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C
Payee
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D
Endorser
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Solution

The correct option is A Drawee
There are certain common parties to the negotiable instruments 
1. Maker: the person who signs the promissory notes. 
2. Drawer: the maker of the Bill of Exchange or a Cheque is called Drawer. 
3. Drawee: the person who is directed to pay on whom the bill is drawn.
4. Payee: the person who will receive the money. 
5. Acceptor: when the drawee signs on the bill for the consent, he becomes acceptor.

Business Law

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