To Constitute a True Letter of Credit Transaction, the Bank's

question 31

True/False

To constitute a true letter of credit transaction, the bank's L/C must contain a specified expiration date or a definite maturity.

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Definitions:

Direct Interviewing

A method of collecting information through face-to-face conversation, where questions are asked in a straightforward manner.

Nonverbal Exchanges

Communication between individuals that does not involve words but rather body language, facial expressions, and other visual cues.

Simulated Enactment

The act of imitating or mimicking actions within a controlled environment as if performing them in real life.

Practitioner's Responsibility

The duty or obligation of professionals to act in the best interest of their clients, adhering to ethical standards and competencies.