The court states that the whole purpose of a letter of credit would be defeated by examining

Question:

The court states that “the whole purpose of a letter of credit would be defeated by examining the merits of the underlying contract.” What does that mean?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Introduction To Business Law

ISBN: 9780324826999

3rd Edition

Authors: Jeff Rey F. Beatty, Susan S. Samuelson

See More Books

Question Posted: Jan 18, 2012 07:24 AM

See More Questions

The court states that random, violent crime is endemic in todays society. If that is true, then wasnt it foreseeable that a violent assault would occur at the shopping center?
The court states that there are two key features to an irrevocable letter of credit (LOC). What are they?
What is the nature and purpose of a letter of representations? Comment on the quality or strength of the audit evidence yielded by a letter of representations.
A job order cost accounting system is fully integrated into the general ledger of a company. Identify the major general ledger accounts used in a job order cost system. Explain how manufacturing...
A long solenoid has 1400 turns per meter of length, and it carries a current of 3.5 A. A small circular coil of wire is placed inside the solenoid with the normal to the coil oriented at an angle of...
What do you think are the main objectives of Islamic contracts? Derive these from the pillars and rules of Islamic contracts.
For each of the following sets of data, (1) calculate the mean of the scores $\left(\mathrm{X}^{-} ight),(2)$ calculate the deviation of each score from the mean $\mathrm{X}-\mathrm{X}^{-}$, and...
On September 18, 2014, Gerald received land and a building from Frank as a gift. Frank's adjusted basis and the fair market value at the date of the gift are as follows: No gift tax was paid on the...
In the past, 30% of a country club's members brought guests to play golf sometime during the year. Last year, the club initiated a new program designed to encourage members to bring more guests to...
USA Annual Purchases Report 2020 Customer ID Gender Education Annual Salary City New York Annual Purchases University High School University University University University High School 11 6233 7500...
Why is a confirmed LOC even more attractive to a seller than one that is not confirmed?
Was the Calcu-Folio properly classified as a briefcase or a binder?
While we have concerns about transportation service currently, there did not appear to be any special challenges or big problems during the 1980s and 1990s. Why were these two decades so different as...
What practical contribution do you think the studies linking HR and organisational performance listed in this section have made to the practice of SHRM?
Is it possible to reconcile any of these four approaches to strategy making in practice and if so how might this occur?
Linda Sue Carr worked for a large food brokerage firm. In January of this year she was terminated. After a court battle Linda Sue was reinstated in her job and received from the firm in November \(\$...
List some of the benefits and some of the risks of lean operation.
List the five principles of how lean systems function.
What is the relationship between the correlation coefficient r and the coefficient of determination R 2 ?
XYZ Inc. a calendar year, accrual basis corporation, had the following items during 2021: Gross revenue from operations Cost of goods sold $420,000 ($180,000) $9,000 LT capital gain .LT capital...
What are two ratios that measure liquidity?
Healthwin-Midtown Convalescent Hospital, Inc. (Healthwin), was incorporated in California for the purpose of operating a health-care facility. For three years thereafter, it participated as a...
MPL Leasing Corporation is a California corporation that provides financing plans to dealers of Saxon Business Products. MPL invited Jay Johnson, a Saxon dealer in Alabama, to attend a sales seminar...
In April, Cranson was asked to invest in a new business corporation that was about to be created. He agreed to purchase stock and to become an officer and director. After his attorney advised him...
Prices of Athletic Shoes Prices (in dollars) of mens, womens, and childrens athletic shoes are shown. At the 0.05 level of significance, can it be concluded that there is a difference in mean price?
What are the key historical factors supporting the building of relationships between indigenous communities and settlers from Britain and France? What were the strengths and difficulties? What is an...
Let n be a positive integer, n2. The graph G illustrated below has vertices a1, a2, ..., an, b1, b2, ..., bn. C1, C2, ..., C, and d, and edges ab, bici, cia, and, bnd, cnd and aja+1, bibi+1, CiCi+1...

The court states that the whole purpose of a letter of credit would be defeated by examining

Question:

Step by Step Answer:

The whole point of an LOC is to assure the seller that ...View the full answer

Introduction To Business Law

Students also viewed these Business Law questions