Question: Explain the difference between a demand draft, a sight draft, and a time draft.

Explain the difference between a demand draft, a sight draft, and a time draft.

Step by Step Solution

★★★★★

3.42 Rating (161 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

The difference between the three types of drafts concerns the time at which the payee is entitle... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Managing the Law Questions!

Q:

If you make a promissory note that is payable in instalments, what precaution should you take after you pay each instalment? What is the potential result of not adopting that precaution?

Q:

One of the most significant changes in The Copyright Modernization Act is the digital lock provision. How might the new digital lock rules affect Canadian businesses? Consider both the perspectives...

Q:

When does a security interest attach? What is the legal significance of attachment?

Q:

Competencies In this project, you will demonstrate your mastery of the following competencies: Describe the factors that influence one''s perception of social justice Examine the impact of...

Q:

first, examine the letter of credit and list the terms to be amended, second, write an amendment letter to the applicant for amendment Examine the following credit FROM: CIM BANK NEW YORK TO: BANK OF...

Q:

Because the principal is assumed to know what the agent knows, the agent has a ________. duty to relinquish duty to inform duty to indemnify duty to perform 2 points Question 5 Which one of the...

Q:

A ______________ is useful when regular and repetitive transactions are amendable to the L/C, one in which the amount of the Credit can be renewed or reinstated according to the terms and conditions...

Q:

I. Single or multiple choices: please choose one or more correct answers for each question: 1. Company A issues a bill of exchange with payment as At 90 days after sight. This is a Asight draft Btime...

Q:

32) The deelines with output until a certain output level is reached; at which point further increases in output realize little reduction in unit costs. A) component expense curve B) unit expense...

Q:

In the answer box on the right, write "A" "B" "C" "D" or "E" for the answer option you chose. 1) Scholars have argued that between U.S. and Japanese firms are part of an implicit Japanese strategy to...

Q:

An aluminum extrusion mill is trying to improve the straightness of their extrusions by controlling the feed rate of the raw material and the temperature of the billet. The following conditions were...

Q:

Consider a construction firm that is deciding to specialize in building high schools or elementary schools or a combination of both over the long haul. The construction company must submit a bid...

Q:

What register stores a temporary value that the callee procedure must save before performing it's task? Group of answer choices $at $ra $s 0 $v 0 $a 0 $t 0 $sp

Q:

1.10. How would your answer to question 9 differ if you knew that expected inflation was 15 percent? (LO31-2)

Q:

The Lazy Lion Restaurant was owned and operated by Leon Lowe. Although the property upon which the restaurant was located was owned by Lowe, it was also subject to a mortgage in favour of Ursula...

Q:

Finders, keepers; losers, weepers. Is that statement accurate, in whole or in part? Explain your answer.

Q:

Abe Costello has a lengthy criminal record for car theft. Some time ago, a police officer observed him driving through a red light. When the officer demanded Costellos drivers licence and car...

Q:

S \& C Company issues 2,000 shares of its no - par common stock. The issue price of the stock is $19.00 per share. What is the journal entry required to record the issuance of the shares

Q:

please dont answer it on excel and provide the formulas if needed Values Values Accounts Payable & Accruals $300 Short-term notes $150 $150 Long-term debt $450 S600 Preferred Stock $75 SIS Common...

Q:

Compute the Payback statistic for Project X and recommend whether the firm should accept or reject the project with the cash flows shown below if the appropriate cost of capital is 11 percent and the...