question archive A documentary draft issued for the purchase of goods by ABC Co
A documentary draft issued for the purchase of goods by ABC Co
Subject:FinancePrice:2.87 Bought7
A documentary draft issued for the purchase of goods by ABC Co. payable to XYZ Co.. payable upon presentation, defines ABC Co. as the XYZ Co. as the and the specialized name for the documentary draft is
a drawee; drawer; sight draft
b. drawer, drawee; sight draft.
c. drawee; drawer, documents against acceptance.
d. drawer drawee; cash against documents.
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Answer:
OptIon A- Drawee, Drawer, Sight Draft
Sight Draft is a draft payable on presentment. It may also be payable on acceptance- where you have the drawee’s written promise to pay the draft when it comes due.
Drawer: The party issuing the bill of exchange; usually the exporter/seller.- XYZ
Drawee: The recipient of the bill of exchange for payment or acceptance; usually the buyer -ABC
