A Letter of Credit Whose Payment Is Assured by Two

question 14

Multiple Choice

A letter of credit whose payment is assured by two banks is a(n) :

• A) Confirmed Letter of Credit.
• B) Irrevocable Letter of Credit.
• C) Letter of Credit with Stipulations.
• D) Standby Letter of Credit.

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Definitions:

Absolutism

A political doctrine and form of government where unlimited, complete power is held by a centralized sovereign individual, without checks or balances from any other part of the government or society.

Leviathan

A term originally used to refer to a large sea monster from biblical times, but intellectually expanded by Thomas Hobbes to describe an all-powerful sovereign authority in his political theory.

Rights

Fundamental entitlements and freedoms that every individual is inherently entitled to, often protected by law, such as freedom of speech, right to education, and right to privacy.