Question

A bill of exchange is signed by the person on whom it is drawn. (State True or False)

Answer 1

it is false because signed by president

Answer 2

Answer:

The given statement is false because a bill of exchange is not signed by the person upon whom it is drawn but by whom it is drawn.

Explanation:

There are three parties to the bill of exchange, namely:

1) the drawer

2) the drawee

3) the payee

The drawer is the person, who draws the bill or who orders the drawee to pay to the payee, a certain amount.

The drawee is the person upon whom lays the responsibility to pay the payee.

The payee is the person who gets paid.