Briefly explain the following terms :- (i) Drawer (ii) Drawee Or B

1.	Briefly explain the following terms :- (i) Drawer (ii) Drawee Or Briefly explain the following term :- (i) Payee (ii) Days of grace
Answer» (i) Drawer :- The party who issue the bill. Drawer is the maker of the bill of exchange. A seller/creditor who is entitled to receive money from the debtor can draw a bill of exchange upon the buyer/debtor (ii) Drawee :- The party, on whom the bill is being issued. Drawee is the person upon whom the bill of exchange is drawn. Drawee is the purchaser or debtor of the goods upon whom the bill of exchange is drawn. Or (i) Payee: - Payee is the person to whom the payment is to be made. The drawer of the bill himself will be the payee if he keeps the bill with him till the date of its payment. The payee can be bank if the bill is discounted with the bank. (ii) Days of grace: - number of days, usually three, allowed by law or custom for payment after a bill or note falls due.

Briefly explain the following terms :- (i) Drawer (ii) Drawee Or Briefly explain the following term :- (i) Payee (ii) Days of grace

Answer»

(i) Drawer :- The party who issue the bill. Drawer is the maker of the bill of exchange. A seller/creditor who is entitled to receive money from the debtor can draw a bill of exchange upon the buyer/debtor

(ii) Drawee :- The party, on whom the bill is being issued. Drawee is the person upon whom the bill of exchange is drawn. Drawee is the purchaser or debtor of the goods upon whom the bill of exchange is drawn.

(i) Payee: - Payee is the person to whom the payment is to be made. The drawer of the bill himself will be the payee if he keeps the bill with him till the date of its payment. The payee can be bank if the bill is discounted with the bank.

(ii) Days of grace: - number of days, usually three, allowed by law or custom for payment after a bill or note falls due.

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