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Business Law Final Study 4

Teacher: Julie Nordin - Business Law
Name ______________________
An unconditional written promise to pay money according to the payee's order or to the bearer of the instrument.
The party to whom commercial paper is made payable.
Also known as a bill of exchange. It is an unconditional written order by one person that directs another person to pay money to a third person.
Instruction by a depositor to a financial institution not to pay a particular instrument drawn on it.
A draft that is payable on a set date or after a specified period.
The party ordered to pay a draft.
The person who executes or draws a draft and orders payment to be made.
A draft on which payment is due immediately when presented to the drawee.
Unconditional written orders or promises to pay money.
The person who executes a promissory note.
Refuse to pay when due.