NIL, LETTERS OF CREDIT, REVIEW QUESTIONS

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How shall the paying bank determine the compliance by the beneficiary of the documentary
requirements under the LC so that it may honor the draft drawn by the beneficiary against the
LC?
What is the main difference between the liability of the notifying bank and the confirming bank
under the LC?
If a bank requires a beneficiary under an LC to submit the documents required therein and
eventually pays the beneficiary, does the bank become a confirming bank?
If an advising bank confirms the authenticity of a letter of credit, does it become a confirming
bank?
If the supposed issuing bank disowns a letter of credit, and the beneficiary has already drawn
drafts against the letter of credit, may the negotiating and paying bank recover what it has paid
from the beneficiary?
Does the paying bank have the discretion not to require the submission to it of a document
mentioned under the letter of credit needed for payment if it finds said document as immaterial
or irrelevant to the letter of credit?
What is the legal effect if the terms of the letter of credit incorporate or do not incorporate the
provisions of the Uniform Customs and Practice for Documentary Credits?
If a bank in the place of the beneficiary accepts the request of the opening bank to notify the
beneficiary of the opening of the letter of credit and transmits the same to the beneficiary, does
it mean that the said bank confirms the letter of credit?
Under an irrevocable letter of credit, if the correspondent bank accepts the instructions of the
issuing bank, does it necessarily imply that it has also confirmed the credit?
Suppose a correspondent bank grants a loan to the beneficiary in consideration of the
subsequent presentation by the beneficiary of the irrevocable letter of credit, should said
correspondent bank be considered to have confirmed the irrevocable letter of credit?
What are the differences between guaranty and irrevocable letter of credit?
May the confirming bank be compelled to honor the drafts drawn by the beneficiary under the
letter of credit even if there is failure on the part of the beneficiary to submit a document
mentioned in the letter of credit which should have been provided to him by the buyer, but the
buyer failed to provide him?
Is a letter of credit a contract of suretyship?
What liabilities or responsibilities are not assume by banks which are parties to a letter of
credit?
When may payment under a letter of credit be enjoined?
May the beneficiary of a letter of credit also invoke the independence principle?
Under a letter of credit, who is bound to honor the letter of credit and who has the right to ask
that the same be honored?
Should the parties resolve first the issues in the underlying contract of the letter of credit before
the beneficiary may be paid under the letter of credit?
When does the fraud exception to the independence principle apply?
What are the requisites so that injunction may be granted against payment under a letter of
credit?