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Overview Flashcards

(3 cards)

1
Q

Two basic instruments of commercial paper

A
  • note (e.g. promissory note)

- draft (e.g. a check)

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2
Q

Note

A

promise to pay

parties: person promising to pay (“maker”) and the person to whom payment is promised (“payee”)

E.g.: Certificate of Deposit: like a note. an instrument made by a bank containing (i) acknowledgment of money received and (ii) promise to repay

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3
Q

Draft

A

order to pay

parties: one party (“drawer”) orders another party (“drawee”, often a bank) to pay money to a third party (“payee”)

E.g.: check: any draft drawn on a bank and payable on demand

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