1. Identify and describe the various parties involved in a letter of credit transaction. 2. What are the benefits to the various parties of the use of a letter of credit? 3. What is the legal difference between a commercial letter of credit and a stand-by letter of credit? 4. As a seller of goods in a commercial transaction, would you rather be the beneficiary of a commercial letter of credit or a stand-by letter of credit? Why? 5. What laws govern letters of credit in your country? 6. What are the typical documents utilized in a letter of credit transaction? 7. How strict/flexible is the 1927 examination standard by Lord Sumner as compared to the examination standard that are currently applicable under the UCC Article 5 and UCP 600? 8. Which standard is more favorable to the beneficiary under the letter of credit? Why? 9. You have read the Piaggio case in the required reading. What were the legal issues that the court decided? What did the court decide? What was its reasoning?