Who are the parties in a bill of exchange?

Option A: Drawer & Drawee

Option B: Payee

Option C: Both (a) and (b)

Option D: None of the above

Correct Answer

Option: c

Explanation

Both (a) and (b). Parties in a bill of exchange are Drawer & Drawee and Payee Section 7 of NI Act, 1881 defines “Drawer” “Drawee” – The maker of a bill of exchange or cheque is called the “drawer”; the person thereby directed to pay is called the “drawee”. “Payee” – The person named in the instrument, to whom or to whose order the money is by the instrument directed to be paid, is called the “Payee”

Sample Mock Tests for Practice

THE CODE OF CIVIL PROCEDURE, 1908 (PAPER – 18 Q. NO. 681 TO 720)

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THE TRANSFER OF PROPERTY ACT, 1882 (PAPER 01 Q.NO. 1 TO 40)

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THE CODE OF CRIMINAL PROCEDURE, 1973 (PAPER – 17 Q. NO. 641 TO 680)

THE INDIAN CONTRACT ACT, 1872 (PAPER – 14 Q. NO. 456 TO 490)

THE CODE OF CRIMINAL PROCEDURE, 1973 (PAPER – 19 Q. NO. 721 TO 760)

THE SPECIFIC RELIEF ACT, 1963 (PAPER – 07 Q. NO. 211 TO 231)

THE CODE OF CRIMINAL PROCEDURE, 1973 (PAPER – 03 Q. NO. 81 TO 120)

The Hindu Marriage Act, 1955 (Paper 02: Q. 26 TO 50)

THE INDIAN EVIDENCE ACT, 1872 (PAPER – 15 Q. NO. 561 TO 600)

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THE MAHARASHTRA RENT CONTROL ACT, 1999 (PAPER 01 Q. NO. 1 TO 15)

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THE CODE OF CRIMINAL PROCEDURE, 1973 (PAPER – 01 Q. NO. 1 TO 40)

THE SPECIFIC RELIEF ACT, 1963 (PAPER – 01 Q. NO. 1 TO 35)

THE CODE OF CIVIL PROCEDURE, 1908 (PAPER – 02 Q. NO. 41 TO 80)

THE CODE OF CRIMINAL PROCEDURE, 1973 (PAPER – 09 Q. NO. 321 TO 360)

THE CONSTITUTION OF INDIA, 1949 (PAPER – 13 Q. NO. 421 TO 455)

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THE CODE OF CIVIL PROCEDURE, 1908 (PAPER – 16 Q. NO. 601 TO 640)

THE INDIAN CONTRACT ACT, 1872 (PAPER – 02 Q. NO. 36 TO 70)

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THE INDIAN EVIDENCE ACT, 1872 (PAPER – 02 Q. NO. 41 TO 80)

THE CODE OF CRIMINAL PROCEDURE, 1973 (PAPER – 06 Q. NO. 201 TO 240)

THE SPECIAL MARRIAGE ACT, 1954 (PAPER 01 Q. NO. 1 TO 10)

THE NEGOTIABLE INSTRUMENTS ACT, 1881 (PAPER 04 Q. NO. 121 TO 135)

THE INDIAN EVIDENCE ACT, 1872 (PAPER – 12 Q. NO. 441 TO 480)

THE MUSLIM PERSONAL LAWS (PAPER 01 Q. NO. 1 TO 29)

THE LAW OF ADMINISTRATION (PAPER 01 Q. NO. 1 TO 30)

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THE CODE OF CRIMINAL PROCEDURE, 1973 (PAPER – 20 Q. NO. 761 TO 800)