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Q 1) Compare and Contrast Drafts and Promissory Notes. Be sure to include the identity of the parties on both instruments. 2) In order to make a Draft or a Note an acceptable cash equivalent for commercial transactions, the paper must a) Have all of the magical ingredients on its face (qualify as a negotiable instrument) b) Be transferred in a magical way (negotiated) c) to a person with magical powers (Holder in Due Course). This chapter deals with the six requirements for (a)...what are they?

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When an order is in written form and is unconditional with the involvement of at least three parties, it is known as a draft (Clarkson, Miller & Cross, 2016). There is the presenting of payment in case of a draft in such a manner that payment can be given and received instantaneously at a specific moment. Check can be used to obtain cash instantaneously from a draft. The first party involved in a draft is the creator of the draft who is also the drawer directing to pay money for the draft. The second party is the drawee paying money for a draft.