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Which of the following is/are TRUE for A letter of credit: a. A letter of credit (L/C) is a banks conditional promise to pay issued

Which of the following is/are TRUE for A letter of credit: a.

A letter of credit (L/C) is a banks conditional promise to pay issued by a bank at the request of an importer, in which the bank promises to pay an exporter upon presentation of documents specified in the L/C.

b. A letter of credit (L/C) is a banks unconditional promise to pay issued by a bank at the request of an exporter, in which the bank promises to pay an importer upon presentation of documents specified in the L/C.

c. An L/C reduces the risk of noncompletion because the bank agrees to pay against documents rather than actual merchandise.

d. A and C

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