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Parties of BOE

The party whi...

Question

The party which is ordered to pay the amount of bill of exchange is called :

A

Drawer

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B

Drawee

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C

Payee

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D

None of the above

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Solution

The correct option is B
Drawee

The party which is ordered to pay the amount of bill of exchange is called Drawee.

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Identify which of the following is true and which is false.
P. A promissory note is a three-party instrument.

Q. In a bill of exchange, there are three parties, drawer, drawee and payee.
R. A promissory note can be made payable to the maker himself.
S. In a bill of exchange, the drawer and payee may be the same person.

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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 _____.

Q.
Which of following is/are essentials of a bill of exchange?
(I) It must contain clear undertaking to pay.
(II) It must be signed by the drawer.
(III) The maker must sign it in taking an undertaking to pay to payee or his order.
(IV) The parties must be certain.

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Q. Prepare a specimen of Bill of Exchange from the following information:
1. Drawer - Shri Ratnakar Patil,
205, New Bazer,
Amaravati.
2. Drawee - Shri Jairam Purohit,
Hiwarkheda Road,
Kannad.
3. Payee - Shri Rohit Joshi,
Kedareshwar Market,
Ladjalgaon.

4. Period of bill - 3 month
5. Amount of bill - Rs. 25,000
6. Date of bill -

25^{t h}

August, 2013
7. Date of acceptance -

28^{t h}

Q. A bill of exchange is drawn by the drawer upon his drawee.

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