Which statement is true with respect to LC$\text{'}$s$?$

Question $12$ options:

$1)$

The seller applies to his$/$her bank to open a letter of credit for payment to the buyer

$2)$

Banks participate with the buyer in negotiating the terms of the contract

$3)$

Banks examine documents alone and do not deal with the terms of the contract

$4)$

Banks deal with, and ensure the quality of the products before payment to the seller