i. A bill of exchange is drawn and accepted for a value received. ii. A person who draws a bill of exchange.

Question

Give one word/phrase/term which can substitute each of the following statements:

i. A bill of exchange is drawn and accepted for a value received.

ii. A person who draws a bill of exchange.

iii. A person on whom a bill of exchange is drawn.

iv. Payment in accordance with the apparent tenor of the bill.

v. Non-payment in accordance with the apparent tenor of the bill.

Answer 1

i. Trade bill

ii. Drawer

iii. Drawee

iv. Honour

v. Dishonour