Be fast Q13. Which of the following is wrong about letter of credit?(a) It is a bank's promise to pay, issued by a bank at the request of an applicant, in whichbanks promise to pay a beneficiary upon presentation of certain document.(b) An irrevocable letter of credit obligates the issuing bank to honor drafts drawn incompliance with the credit and can be neither canceledor modified(c) A confirmed letter of credit is the obligeation only of the issuing bank(d) Bank's issue of letter of credit might constrain an importer's line of credit

An irrevocable letter of credit cannot be amended or canceled without the consent of the issuing…

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Business

Operations Management

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Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Q13. Which of the following is wrong about letter of credit?
(a) It is a bank's promise to pay, issued by a bank at the request of an applicant, in which
banks promise to pay a beneficiary upon presentation of certain document.
(b) An irrevocable letter of credit obligates the issuing bank to honor drafts drawn in
compliance with the credit and can be neither canceledor modified
(c) A confirmed letter of credit is the obligeation only of the issuing bank
(d) Bank's issue of letter of credit might constrain an importer's line of credit

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