A ________ states that the bank will pay a specified sum of money to a beneficiary, normally the exporter, on presentation of particular, specified documents.
A) bill of exchange
B) bill of lading
C) letter of credit
D) bank statement

Question

Quizplus · Accepted Answer

A letter of credit, abbreviated as L/C, stands at the center of international commercial transactions. Issued by a bank at the request of an importer, the letter of credit states that the bank will pay a specified sum of money to a beneficiary, normally the exporter, on presentation of particular, specified documents.

A ________ States That the Bank Will Pay a Specified