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WAEC Commerce 1992 Question 49

Question 49

Purchase and Sale of Goods

Parties to a bill of exchange that is endorsed to a third party are the

  1. A.drawer, payee, creditor
  2. B.drawer, drawee, debtor
  3. C.payee, drawee, debtor
  4. D.drawer, drawee, payee
  5. E.creditor, debtor, drawer
Show the answer and explanation

Answer: D (drawer, drawee, payee)

Explanation

The three parties to a bill of exchange are the drawer (who writes it), the drawee (who must pay) and the payee (who is paid).