A Time Draft Is Payable on Presentation to the Drawee;

question 53

True/False

A time draft is payable on presentation to the drawee; the drawee must pay at once or dishonor the draft. A sight draft, allows a delay in payment.

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Definitions:

Jamestown Colony

The first permanent English settlement in North America, established in Virginia in 1607.

Forced Labor

Work that is performed involuntarily and under the menace of any penalty.

Colonial and European Merchants

Refers to traders and business people from Europe and the colonial Americas involved in the exchange of goods, such as textiles, spices, and slaves, between the 16th and 19th centuries.