El Banco Sem Is a Uruguayan Bank That Issues a Letter

question 34

True/False

El Banco Sem is a Uruguayan bank that issues a letter of credit to its customer, Industrias la Plata SA, to pay for machinery imported from Canada. The autonomy principle implies an "autonomous" condition into the contract that requires Banco Sem to inspect the goods before it can make payment to the Canadian exporter or its bank. Inspection ensures that the goods are as they are described in the contract.

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Definitions:

Power

The capacity or ability to direct or influence the behavior of others or the course of events.

Actualization Tendency

The intrinsic growth drive that propels an individual toward realization of their potentials, self-fulfillment, and personal development.

Psychological Growth

The process of developing greater insight, understanding, and psychological capabilities leading to overall personal and emotional development.

Maturation

The process of development in which an individual matures or reaches full biological and psychological potential.