The UCC requires that banks review documents relating to a letter of credit within 7 days of receipt.
Correct Answer:
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Q10: The issuing bank is responsible for inspecting
Q11: Banks are required to know or investigate
Q12: A corresponding bank that confirms the letter
Q13: An advising bank is liable for the
Q14: A documentary draft payable within 60 days
Q16: Oral acceptance of a draft is allowed
Q17: The difference between a draft and an
Q18: A documentary draft by terms cash against
Q19: Under Article 48 of the UCP, a
Q20: The commercial invoice, bill of lading, and
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