4 Write short notes on:
a) Letter of credit
Answer : A letter of credit is a promise to pay. Banks issue letters of credit as a way to ensure sellers (and sometimes even buyers) that they will get paid as long as they do what they’ve agreed to do.
Letters of credit are common in international trade, but they are also used in domestic transactions. Either way, a bank acts as an uninterested party between buyer and seller and guarantees that a payment will be made if certain conditions are met.
The concept of a letter of credit can beStudents, Get Completely solved SMU MBA Spring 2014 assignments from authorized organization www.smumbaassignment.com
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