Question

State the three parties involved in a bill of exchange

Answer 1

The three parties involved in a bill of exchange are:

1. Drawer - The person or the party (creditor) which prepares the bill of exchange.

2. Drawee - The person or the party (debtor) who is ordered to pay the due amount of sum to the creditor.

3. Payee - Payee is the beneficiary person or party to whom the bill of exchange is payable.