31. What is the legal relationship between the drawer and drawee in a negotiable instrument?
a) Creditor and debtor
b) Customer and bank
c) Buyer and seller
d) Lender and borrower
32. Which party is primarily liable to pay in a promissory note?
a) Payee
b) Drawer
c) Endorser
d) Maker
33. What is the purpose of a bank guarantee?
a) To ensure the payment of a debt
b) To provide collateral for a loan
c) To facilitate international trade
d) To authorize a bank to make payments on behalf of a customer
34. Which of the following is not a characteristic of a negotiable instrument?
a) Transferability
b) Liability of the parties
c) Guaranteed payment
d) Acceptance by the drawee
35. In a cheque, the drawer is:
a) The person who signs the cheque
b) The person who receives the payment
c) The bank where the cheque is drawn
d) The person who writes the cheque
