Explain What a Letter of Credit (L/C) Is, Who the Principle

question 17

Essay

Explain what a letter of credit (L/C) is, who the principle parties are, what the principle advantage is, and how the L/C facilitates international trade.

---

Definitions:

Autonomy

The degree of independence and self-direction that an individual or entity has to make decisions, often within a particular role or workplace.

Responsibility

The state or fact of being accountable or to blame for something, involving the acceptance of duty to complete tasks and make decisions.

Confidence

The belief in oneself and one's ability to succeed or accomplish a task.

Positive Outcomes

Refers to favorable or beneficial results or effects of decisions, actions, or conditions.