In the Context of a Draft,a Drawee Is the Party

question 60

Multiple Choice

In the context of a draft,a drawee is the party who ________.

• A) writes an order to a second party
• B) pays the money stated in the draft
• C) writes an order for the draft
• D) receives the money from the draft

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Definitions:

Trust's Income

The income generated from the assets held within a trust, which may include interests, dividends, and other earnings.

Lease Cancellation

The process by which a lease agreement is terminated before its specified end date, either by mutual agreement or due to breach of contract.

Demonstrative Legacy

A demonstrative legacy is a specific gift of money with the direction that it is to be paid out of a particular fund or property, used in wills and estate planning.

Probate

The legal process through which a deceased person's will is validated and their estate is distributed to beneficiaries.