Which of the Following Can Be Modified by the Bank

question 89

Multiple Choice

Which of the following can be modified by the bank issuing the letter of credit without obtaining the approval of either the exporter or importer?

• A) Revocable letter of credit
• B) Confirmed letter of credit
• C) Bill of lading
• D) Irrevocable letter of credit

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Definitions:

Judgment Creditors

Individuals or entities awarded a monetary judgment against a debtor in court.

Life Estate

A legal arrangement whereby a person (life tenant) has the right to use, occupy, and benefit from a property during their lifetime, but cannot sell it, and upon their death, it passes to a remainderman.

Strip-Mine

Strip-mining is an extractive mining technique used for surface mineral extraction, where layers of soil and rock are removed to access buried mineral or coal deposits.

License

A legal permission granted by an authority to engage in a particular activity or to use a particular property not owned by the license holder.