In international commerce, a person or business initiating a draft is

QUESTION

In international commerce, a person or business initiating a draft is known as the drafter and the party to whom the draft is presented is known as the draftee

Indicate whether the statement is true or false.

ANSWER

FALSE
A draft, sometimes referred to as a bill of exchange, is the instrument normally used in international commerce to effect payment. The person or business initiating the draft is known as the maker. The party to whom the draft is presented is known as the drawee