Following are the three parties to a bill of exchange:
(a) Drawer – He is the saler or creditor entitled to receive money from someone. He write or draws the bill and is known as drawer
(b) Drawer or Accepter – He is the purchaser or the debtor or whom the bill is drawn and who is liable to pay the mount mentioned in the bill. He accepts to pay the amount by writing the word ‘Accepted’ on the bill and then signs it.
(c) Payee – The person to whom the payment is to be mode is called payee. The drawer himself or a third party may be the payee of the bill
