With respect to a bill of exchange, which of the following statements is/are correct?
(i) The party which makes the order is known as drawer.
(ii) The party which accepts the order is known as acceptor.
(iii) The party to whom the amount is to be paid is known as payee.
(iv) The drawer and the payee can be the same.
1
(i) and (ii)
2
(i), (ii), (iii) and (iv)
3
Only (ii)
4
Only (i)