Of the Following,which Is NOT True About International Banking and Payments

question 30

Multiple Choice

Of the following,which is NOT true about international banking and payments?

• A) Payment in advance is the safest method.
• B) Payment in advance does not expose the importer to some risk concerning delivery of the goods.
• C) A commercial letter of credit offers payment protection to both parties.
• D) A commercial letter of credit is usually irrevocable.
• E) An open account is a simple agreement wherein the exporter sends an invoice with the goods and the exporter pays upon the receipt.

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Definitions:

True Bargains

Deals that are genuinely advantageous, offering good value for the money paid.

Legal Consideration

Something of value, which can be a promise, service, or object, exchanged between parties as part of a contract.

Refrain From Alcohol

An advisory or mandate to abstain from consuming alcoholic beverages.

Consideration Requirement

The legal principle that a contract must involve a bargain or exchange of value between the parties to be enforceable.