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Trắc Nghiệm UCP - LC

The document discusses the principles of the Uniform Customs and Practice for Documentary Credits (UCP 600), including the autonomy of letters of credit, their irrevocability, and the responsibilities of banks and beneficiaries in transactions. It highlights specific scenarios regarding discrepancies in presented documents and the applicability of UCP versions. The document emphasizes that the issuing bank is not obligated to check the contents of the letter of credit and that discrepancies must be raised within legal time limits.

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Linh Giang Trần
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36 views2 pages

Trắc Nghiệm UCP - LC

The document discusses the principles of the Uniform Customs and Practice for Documentary Credits (UCP 600), including the autonomy of letters of credit, their irrevocability, and the responsibilities of banks and beneficiaries in transactions. It highlights specific scenarios regarding discrepancies in presented documents and the applicability of UCP versions. The document emphasizes that the issuing bank is not obligated to check the contents of the letter of credit and that discrepancies must be raised within legal time limits.

Uploaded by

Linh Giang Trần
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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1.

According to the principle of autonomy of the letter of credit (L/C) in


UCP 600, L/C is……..
A. A separate transaction from the sale or other contract on
which it may be based (Art.4 UCP 600)
B. An integral part of the contract on which it may be based
C. An article in the contract on which it may be based
D. An agreement between buyer and seller.
2. A letter of credit will be used when parties to an underlying contract
choose……..as a method of international payment.
A. Document Credits (Art.1 UCP 600)
B. Document collection
C. Cash in advance
D. Open an account.
3. According to UCP 600, in the terms of amendment of a letter of credit, a
presentation of the beneficiary that complies with the credit and not yet accepts
amendment will be….
A.Deemed to be beneficiary’s acceptance of the amendment (Art
10(c) UCP 600) ( khoản c điều 10 UCP 600)
B. Deemed to be beneficiary’s rejection of the amendment
C. Deemed to be the issuing bank’s acceptance of the amendment
D. Deemed to be beneficiary’s partial acceptance of the amendment.
4. UCP 600, the latest version, replaces the 1993 version (UCP 500), so in 2017
when parties choose a version to apply, which version do they have to choose?
A.Any version, the parties may choose to apply UCP 600, UCP
500 or even more previous versions of UCP
B. Only UCP 600 because the latest will overrule previous ones.
C. Only UCP 500 and UCP 600
5. Is a letter of credit always irrevocable? No, irrevocable L/C is just a kind of
L/C
6. The documentary credit in question issued subject to UCP 600 called for
shipment from “ANY NORTH EUROPEAN PORT” and the transport
document required in field 46 a was: “ FULL SET OF CLEAN ON BOARD
BILL OF LADING”
The Nominated Bank received a bill of lading evidencing shipment from
Antwerp, which we found to be within the scope of North Europe, since the
geographical area of North Europe was not defined in the credit
The issuing bank refused the document argued that Belgium is in Western
Europe and not in Northern Europe and quoted an internet website
(www.mapsofworld.com) where we could easily recheck.
Is the discrepancy cited by the issuing bank valid?
→ No, The bank is not suitable because the bank is not obligated to
check the LC. LC inspection Buyer is responsible for checking
content
7. Bank A(Issuing Bank) in country A issued a standby credit subject to UCP
600 which was advised to the beneficiary in country B by Bank B (Advising
Bank).
The beneficiary presented a demand under the credit which arrived at the
counters of the Bank A before the expiry date of the credit.
Bank A issued a notice of refusal on the third day following the presentation
stating one discrepancy: “Original Standby LC Not Presented”.
There was no wording in the credit requiring presentation of the original
Standby LC.1) Is the discrepancy stated by the Bank A correct?
→ No
2) Can Bank A raise further discrepancies at a later date in respect of the one
presentation made by the beneficiary under the credit?
→ Yes, within the time limit prescribed by law ( khoản d điều 14)

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