Better Living Ltd, an English company, requested Bigbank to open an irrevocable letter of credit in favour of Furniture Unlimited which has its Head Office in Sydney. Better Living Ltd instructed its bank that the letter of credit be for 'A$25,000 against commercial invoice, certificate of inspection, clean shipped bill of lading covering 500 computer desks handmade made from Tasmanian oak'. The bill of lading presented to the bank stated that the carrier had received '500 Tasmanian desks'. The bank refused to pay on this letter of credit and Furniture Unlimited sued the bank for failing to honour its letter of credit.

Was the bank correct in denying payment on this letter of credit?

In your answer discuss the scope of the doctrine of strict compliance.