Examlex
Which ONE of the following statements is true?
Unaccepted Draft
A written order to pay a specified amount that has not been accepted by the entity it is drawn upon, typically in international trade.
Drawee
The party directed by a draft or check to pay the specified amount, typically a bank.
Real Defenses
A limited set of defenses that can be used to challenge the enforceability of a negotiable instrument, including forgery, fraud, and duress.
Personal Defenses
Defenses used in legal contexts that are specific to an individual, often used to avoid enforcement of a contract or to combat allegations in civil or criminal cases.
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