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Question
Fact Pattern 22-2First State Bank issues a letter of credit in favor of Oboe Company, an American firm, to facilitate an international sales contract to buy resources from Lapland Mining, Ltd., a Finnish company.
Refer to Fact Pattern 22-2. First State Bank must pay Lapland when Lapland
a. enters into the contract with Oboe.
b. verifies that Oboe has the money to pay for the purchase.
c. complies with the terms and conditions of the letter of credit.
d. none of the above.
Answer
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