The rule that usually prevails for interpreting documents that are submitted to a bank for payment under a letter of credit is commonly called the:
A) good faith rule.
B) reasonable compliance rule.
C) strict compliance rule.
D) holder in due course rule.
Correct Answer:
Verified
Q31: A draft due at a future date
Q32: Which of the following institutions does not
Q33: An international draft is an order from
Q34: Suppose that an issuing bank pays on
Q35: When the Seller's bank guarantees payment under
Q37: A letter of credit is a contract
Q38: In the event that a discrepancy is
Q39: A documentary draft issued for the purchase
Q40: If the buyer's or seller's bank stamps
Q41: Under the UCP,the description of the goods
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