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A Bank Issuing a Letter of Credit on Behalf of an Importer

question 22

True/False

A bank issuing a letter of credit on behalf of an importer is obligated to honor the letter of credit regardless of the buyer's willingness or ability to pay.


Definitions:

Bridge Circuit

A circuit that consists of four sections connected in series to form a closed loop.

D'Arsonval Shunt

A D'Arsonval shunt is a precision resistor used in conjunction with a D'Arsonval meter movement to allow the measurement of high currents by diverting some of the current away from the sensitive galvanometer coil.

Contact Resistance

The resistance to the flow of electricity encountered at the point where two conductive surfaces meet or connect.

Typical Impedance

A standard or average measure of the total resistance faced by current in an electrical circuit, combining both resistive and reactive elements.

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