X Signs a Negotiable Instrument Ordering Y to Pay Z

question 32

Multiple Choice

X signs a negotiable instrument ordering Y to pay Z the sum of $500. Y is the:

• A) maker.
• B) drawee.
• C) payee.
• D) drawer.

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Definitions:

Incidental Beneficiary

A third party who benefits from a contract indirectly or unintentionally, without being a direct party to the agreement.

Delegatee

An individual or party to whom duties or authority are delegated by another, known as the delegator.

Delegator

A person or entity that assigns tasks, duties, or responsibilities to another, typically within an organizational or managerial context.

Obligee

The party to a contract or agreement who is entitled to receive a performance or obligation from another party.