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The Function of a Letter of Credit Is to Substitute

question 17

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The function of a letter of credit is to substitute the credit of a recognized international bank for that of the buyer.


Definitions:

Law Books

Books that contain legal codes, statutes, judicial decisions, and commentaries on law.

Articles

A written composition in prose, usually nonfiction, on a specific topic, forming an independent part of a book or other publication.

Dominant Strategy

A unilateral optimal strategy for a player in a game theory scenario, regardless of opponents' actions.

Nash Equilibrium

A concept in game theory where no player can gain by changing their strategy while the other players keep theirs unchanged.

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