\fThe issuer of a letter of credit [I is obligated to tenor drafts drawn under the letterif the conditions specied in The letter have been met. [I has no duty to verify that the papers are properly supported by facts. [I has no duty to verify that the underlying transaction has been performed. [I must he a foreign bank Question 25 A creditor is required to attempt to collect from the principal debtor prior to attempting to collect from either a surety or a guarantor. 0 True 0 False Question 26 A payment made after a letter of credit has expired is an improper payment. 0 True 0 False An agreement to answer for the debt or default of another is called a [select all that apply] III suretyship III holder in due course III originator cl guaranty Question 15 Zpts If Mike. for consideration. agrees to pa1.r Lenny money in the event of a specied loss. that agreement is ain]: O absolute guaranty O indemnity contract 0 guaranty ofoayment 0 surertyship Question 16 2 pts A surety is held liable only after all means of recovery from the debtor has been exhausted. one 0 False