Refer to Fact Pattern 7-1.First State Bank

Question

Quizplus · Accepted Answer

As per Fact Pattern 7-1, Lapland has presented the proper documents to the First State Bank, and the bank is responsible for making payment for the transaction. Therefore, option C is the correct answer. Option A is incorrect because the bank is not responsible for ensuring that the parties perform the contract. Option B is also incorrect because the payment is made when the documents are presented, not after the completion of the transaction.