In a global trade transaction seller would ship monster cables from Port of Oakland to Bangkok, Thailand under an irrevocable letter of credit. The Thai buyer's bank issued the letter of credit with the instruction that the monster cables be placed aboard the George Mason on November 25, 2013. The loading brokers loaded the monster cables on board the ship on November 26, 2013 at 0100 hours (i.e
1 am). On the manifest the broker wrote placed on board November 25, 2013. The confirming bank refuses to pay due to the fraud. Is the confirming bank obligated to pay to beneficiary or holder of the letter of credit.
Indicate whether the statement is true or false
True
You might also like to view...
________ is the degree to which an innovation fits the values and experiences of potential consumers
A) Relative advantage B) Divisibility C) Complexity D) Compatibility E) Communicability
Which of the following is not an advantage of franchising?
A) The franchisee has access to the franchisor's knowledge and resources. B) The franchisor gets major tax advantages. C) The franchisor can reach new markets. D) Consumers are assured of uniform product quality.
Project audits conducted early in the project or during its progress at a predetermined time are
A) in-process audits. B) post-project audits. C) periodic audits. D) pre-closure audits.
Behavioral intention scales are difficult to construct.
Answer the following statement true (T) or false (F)