Multiple Choice
What is the difference between a revocable letter of credit and an irrevocable letter of credit?
A) A revocable letter of credit can be cancelled at any time by either the importer or the exporter,but an irrevocable letter of credit cannot be cancelled.
B) A revocable letter of credit can be assigned to anyone,but an irrevocable letter of credit can only be assigned upon the consent of the issuing bank.
C) The terms of an irrevocable letter of credit cannot be changed without the consent of the beneficiary of the letter of credit.
D) Since the terms of letters of credit are standardized and apply whatever name is given to a letter of credit,there is no distinction between revocable and irrevocable letters of credit.
Correct Answer:
Verified
Correct Answer:
Verified
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