The issuer of a letter of credit is in effect the obligor on a third-party beneficiary contract made for the benefit of the beneficiary of the letter.
Correct Answer:
Verified
Q24: A(n)_ is an undertaking by one person,for
Q24: The amount of credit specified in a
Q25: Consideration is not required to establish or
Q27: The issuer of a letter of credit
Q28: A guaranty of payment creates a(n):
A) contract
Q29: The bank that tells the beneficiary that
Q31: Which of the following is correct concerning
Q33: The use of letters of credit arose
Q36: Pasquale and Paul were sureties on the
Q39: A letter of credit must be in
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