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1. Explain the differences between a bank draft and an ordinary check. 2. What are considered...

1. Explain the differences between a bank draft and an ordinary check.

2. What are considered authorized signatures on a negotiable instrument? Provide an example.

3. What is the EFTA? How does it support consumer rights?

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Answer #1

Bank draft is issued by bank whereas cheque is issued by conaumer

The payment is processed after presenting cheque in bank whereas demand draft is given after payment made to the bank.

Cheque can get dishonoured due to insufficient funds whereas DD will never be dishonoured as payment is already made to the bank

Cheque can be stopped from getting bounced whereas this is not possible in DD case.

In case of cheque drawer and payee both are different whereas in DD both are the same.

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