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6.01
Business Law
23
Business
11th Grade
05/02/2012
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Term
Acceptor
 Definition
A drawee who has written “accepted” on the document and signed his/her name
Term
Bad check
 Definition
Check issued against checking account with insufficient funds to cover it
Term
Cashier’s check
 Definition
A check the bank draws on itself
Term
Certificate of Deposit
 Definition
A written acknowledgment of the receipt of money and its promise to pay back the money, usually with interest on the due date
Term
Certified Check
 Definition
A personal check that has been accepted by a bank before payment
Term
Check
 Definition
Draft drawn on a bank and payable on demand
Term
Demand note
 Definition
Payable whenever the payee demands payment
Term
Drawee
 Definition
One ordered to pay the money
Term
Drawer
 Definition
Orders the money to be paid
Term
Electronic Fund Transfer
 Definition
Banking method in which computers and electronic technology are used as a substitute for checks and other paper forms of banking
Term
Forged check
 Definition
Check signed by someone else other than drawer and without authority
Term
Installment note
 Definition
Paid in a series of payments
Term
Maker
 Definition
Party agreeing in writing to pay money to another.
Term
Money order
 Definition
Draft issued by a post office, bank, express company, or telegraph company for use in paying or transferring funds for the purchaser
Term
Note
 Definition
A written promise by one person to pay money to another person
Term
Payee
 Definition
One who is to receive the money
Term
Sight draft
 Definition
A draft payable as soon as it is presented to drawee for payment
Term
Stale check
 Definition
A check that is more than six months old
Term
Teller’s check
 Definition
Draft drawn by a bank on funds that it has on deposit at another bank
Term
Time draft
 Definition
Not payable until the lapse of a particular time period stated on the draft
Term
Time note
 Definition
Payable at a future date that is written on the face of the note
Term
Trade acceptance
 Definition
Used by a seller of goods to receive payment or to extend credit
Term
Traveler’s checks
 Definition
Draft drawn by a well-known financial institution on itself or its agent
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