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– Nelson Mandela

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Chapter 28 DQ

Chapter 28 DQ

Q Explain the liability of makers, acceptors, drawers, drawees, indorsers, and accommodation parties. Compare the warranties on transfer with the warranties on presentment.

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Every parties to contract are liable to something or the other during the transaction process: Maker: In most cases, the maker of the “Promissory Note” is held responsible for any kind of payments that is to be made to the payee. A maker in this circumstance can never flee from the situation on any aspect ("Warranty Liability of Parties", 2019).