Asked by
Vanessa David
on Nov 28, 2024Verified
Bern signs a check "pay to the order of College Bookstore" drawn on his account at Debit Bank to buy textbooks. Bern is
A) none of the choices.
B) the drawee.
C) the drawer.
D) the payee.
Drawer
In the context of banking and finance, the person who writes or issues a check or draft instructing the drawee to pay someone else.
Drawee
The party in a transaction upon whom a check, draft, or bill of exchange is drawn and is responsible for its settlement.
Payee
The person or entity to whom a check, draft, or electronic payment is made out and who is to receive the funds.
- Familiarize yourself with the tasks and responsibilities associated with the drawer, drawee, and payee in the realm of check-based payments.
Verified Answer
PW
Learning Objectives
- Familiarize yourself with the tasks and responsibilities associated with the drawer, drawee, and payee in the realm of check-based payments.