The Bank Promises to Pay on Behalf of the Importer

question 98

True/False

The bank promises to pay on behalf of the importer when a bank is used as a third party in international transactions.

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Definitions:

Personality

A constellation of emotional, cognitive, and behavioral patterns characterizing an individual's unique adjustments to life.

Conflicting Forces

Opposing elements or principles that create tension or disagreement within a situation or individual.

Psychoanalysis

A therapeutic approach that seeks to explore unconscious motives and conflicts as determinants of behavior.

Conscious

Conscious refers to the state of being awake and aware of one’s surroundings, thoughts, feelings, and existence.