Under the independence rule banks cannot, except in limited circumstances, delve into the underlying contract issues and must only focus on the terms of the letter of credit
Indicate whether the statement is true or false
True
You might also like to view...
The landlord may evict the tenant if he or she:
A. does not protect the property from criminals. B. does not maintain common areas of the property. C. subleases the property or assigns the property to someone else. D. does not pay rent.
Which of the following is a factor that is most likelyto discourage people from trying to spend funds from their retirement accounts?
A. Funds from retirement accounts cannot be invested in stocks and bonds. B. The Internal Revenue Service usually adds a10% penalty for early withdrawals from retirement accounts. C. Earnings from retirement accounts are nontaxable only if they are withdrawn at least 25 years after starting the account. D. The Securities and Exchange Commission freezes retirement accounts after a single instance of early withdrawal from the accounts.
As a general rule, contract duties can be delegated
a. True b. False Indicate whether the statement is true or false
In Dingxi Lonhai Dairy v. Becwood Technology, Dingxi agreed to send four shipments to Becwood. Becwood received the first two shipments but refused to pay for the second one because of mold on the packaging. Dingxi sued for breach. The appeals held that:
a. the CISG did not cover the international contract because the parties named the UCC; under the UCC, Dingxi's claim may proceed b. the CISG did not cover the international contract because the parties specified the Commercial Law ofChina; under it, Dingxi has no claim due to product defect c. the CISG governed the contract and, under it, Dingxi must compensate Becwood for the costs it suffered in finding substitute goods d. the CISG governed the contract and, under it, Dingxi could not recover due to defects in the goods shipped e. none of the other choices