Which of the following is not true regarding letters of credit?
A) A letter of credit is a written commitment by the importer's bank on the importer's behalf promising to pay the exporter when it presents documents showing that the products have been shipped.
B) The letters of credit used in international trade are irrevocable.
C) Letters of credit guarantee that the products shipped are the products purchased.
D) All of the above are true.
Correct Answer:
Verified
Q2: A letter of credit does not guarantee
Q15: The exchange of products between two parties
Q32: Which of the following is not a
Q34: The Working Capital Guarantee Program is administered
Q37: A banker's acceptance is a time draft
Q40: Which of the following is not true
Q55: The Direct Loan Program is administered by
Q60: A _ is a written order from
Q65: The time period of most time drafts
Q66: Which of the following is not a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents