Which of the following is not true regarding letters of credit?
A) They are issued by banks on behalf of the importer promising to pay the exporter.
B) A revocable letter of credit can be cancelled or revoked at any time without prior notification to the beneficiary.
C) They guarantee that the goods shipped are the goods purchased.
D) All of the above are true.
Correct Answer:
Verified
Q22: The exchange of goods between two parties
Q23: All types of foreign trade transactions in
Q24: The Working Capital Guarantee Program is administered
Q25: An irrevocable L/C obligates the issuing bank
Q26: The risk to the exporter is highest
Q28: A _ is an unconditional promise drawn
Q30: As part of Ex-Imbank's export credit insurance
Q31: Which of the following is not true
Q32: A banker's acceptance is a draft drawn
Q66: Which of the following is not a
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