Multinational Business Finance Study Set 4
Quiz 16: International Trade Finance
To constitute a true letter of credit transaction, the bank's commitment must be open-ended and cannot have a stated maximum amount of money.
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To constitute a true letter of credit transaction, the bank's L/C must contain a specified expiration date or a definite maturity.
A revocable L/C is intended to serve as a means of arranging payment but not as a guarantee of payment.
A sight draft is payable on presentation to the drawee; a time draft allows a delay in payment.
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