Business Law Final Exam. Kellogg Business School 1914 Words Law and Corporate Managers – Prof. Larry Franklin Question Two A. (
Business Law Final Exam. Kellogg Business School 1914 Words Law and Corporate Managers – Prof. Larry Franklin Question Two A. (
Business Law Final Exam. Kellogg Business School
1914 Words
Law and Corporate Managers – Prof. Larry Franklin
Question Two
A. (i) For refusal
In order to honor the LC, the Seller has to comply exactly with the terms of the letter of credit. There are numerous typo errors in the LC and misspellings of the destination port and the Seller name, hence only a waiver of the discrepancies from JFTC will enable Bank of China to pay the Seller. As long as the waiver is not received, the BOC cannot make any payments. BOC has to state why it is not going to pay. The seller reviewed the LC before the shipment of goods, so it is his mistake that he didn’t point out the discrepancies.
Business Law Final Exam. Kellogg Business School
1914 Words
Law and Corporate Managers – Prof. Larry Franklin
Question Two
A. (i) For refusal
In order to honor the LC, the Seller has to comply exactly with the terms of the letter of credit. There are numerous typo errors in the LC and misspellings of the destination port and the Seller name, hence only a waiver of the discrepancies from JFTC will enable Bank of China to pay the Seller. As long as the waiver is not received, the BOC cannot make any payments. BOC has to state why it is not going to pay. The seller reviewed the LC before the shipment of goods, so it is his mistake that he didn’t point out the discrepancies.