X, a publisher, agrees to publish a book at his own expense written by Y and to pay Y, half of the net profit. Does this create a relationship of…

Payee: The person named in the instrument (i.e., the person in whose favour cheque is issued), to whom or to whose order the money is, by the instrument, directed to be paid, is called the payee. The payee may be the drawer himself or a third party. Essential Characteristics of a cheque: According to the definition of cheque under section 6, a cheque is a species of bill of exchange. Thus, it should fulfil: a. all the essential characteristics of a bill of exchange b. Must be drawn on a specified banker. c. It must be payable on demand.