The function of a letter of credit is to substitute the credit of a recognized international bank for that of the buyer.
Correct Answer:
Verified
Q12: In a shipment contract,risk of loss passes
Q13: The parties to a contract may decide
Q14: Title to goods may pass from the
Q15: In a lease transaction,title to the leased
Q16: A destination contract requires the seller to
Q18: With letters of credit in international transactions,a
Q19: The unborn young of stock animals are
Q20: Under the UCC,the risk of loss depends
Q21: A seller's duty in an F.O.B.destination contract
Q22: If a good faith purchaser for value
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