Fact Pattern 21-B1

question 33

Multiple Choice

Fact Pattern 21-B1
First State Bank issues a letter of credit in favor of Oboe Company,an American firm,to facilitate an international sales contract to buy resources from Lapland Mining,Ltd. ,a Finnish company.
-Refer to Fact Pattern 21-B1.First State Bank is bound to

• A)make sure that the parties perform the contract.
• B)verify with Oboe that the transaction has been completed.
• C)make payment when Lapland presents the proper documents.
• D)pay Lapland whenever it asks to be paid.

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Definitions:

Bald-Faced Lie

An obvious lie that is told without any attempt to conceal the untruth.

Falsification

The act of disproving a theory or hypothesis, generally considered a critical part of the scientific method.

Outright Deceive

To mislead or trick someone without any form of concealment or subtlety.

Relational Dissolution

is the process of ending or terminating a personal relationship between individuals.