CAF-4 · Chapter 14 · Question 6 of 8
In the context of a cheque, who is the 'drawee'?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) Always a specified banker.
Explanation
A cheque is a specialized form of a bill of exchange drawn on a specified banker. Therefore, in the case of a cheque, the drawee will always be a bank.
More Negotiable instruments MCQs
- Q8Is the statement 'Nauman, I shall be highly obliged if you make it convenient to pay Rs. 100,000 to Mahreen' a valid bill of exchange?
- Q1Which of the following acts contains the law relating to promissory notes, bills of exchange, and cheques in Pakistan?
- Q2A promissory note is defined as an instrument in writing containing an unconditional ________ to pay a certain sum of money.
- Q3Evaluate the validity of the following statement written on a document: 'I promise to pay Khalid or order Rs. 12,000 six days after Saad’s…
- Q4Which of the following phrases makes a promissory note INVALID?