UNIVERSITY OF MICHIGAN T HE ROLE OF LETTERS OF CREDIT IN P AYMENT T RANSACTIONS Ronald J. Mann UNIVERSITY OF MICHIGAN LAW SCHOOL PAPER #00-002 This paper can be downloaded without charge at: The Social Science Research Network Electronic Paper Collection: http://papers.ssrn.com/paper.taf?abstract_id=214633 MLR R EVISED G ALLEYS1.DOC 05/03/00 12:36 PM THE ROLE OF LETTERS OF CREDIT IN PAYMENT TRANSACTIONS Ronald J. Mann* TABLE OF C ONTENTS I. THE BASIC L ETTER - OF-C REDIT TRANSACTION
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seller’s disposal under some agreed conditions. Since the agreed conditions include‚ amongst other things‚ the presentation of some specified documents‚ the letter of credit is called Documentary Letter of Credit or‚ in short‚ Documentary Credit. The Uniform Customs & Practice for Documentary Credit (UCPDC) published by International Chamber of Commerce (2007) Revision; Publication No. 600 defines Documentary Credit: “Credit means any arrangement‚ however named or described‚ that is irrevocable and
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the documents presented by Macbeth had been rejected twice by the bank‚ first on the grounds that the documents are not original and secondly where the description of the goods in the bill of lading differs. For that we refer to the body known as Uniform Customs and Practice for Documentary Credits (UCP) which governs the practice of documentary credit. It should be noted that the law construed by UCP must be incorporated into the contract by the parties for it to have legal effect. However‚ even
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Overnight at Bato Springs P1388 instead of P2050 for Overnight at Bato Springs Resort‚ Laguna Voucher Number: CCPV-07271731181405870036021 Purchase Date: Jul 27‚ 2012 Expiration Date: Dec 20‚ 2012 Purchased by: Leslie Floresta Redeem at: ADLIFE EVENT SERVICES - 130 New Guinea Street Annex 22 Better Living Subdivision‚‚ Paranaque City‚ NCR PH ( 639) 824 4192 0906 370 3500 / 0929 163 6999 / 09 HOW TO USE: 1. Open the PDF file. 2. Print the voucher. 3. Present it to the Merchant.
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dedicated to formulizing modern rules on commercial transactions and to furthering the harmonization and unification of the law of international commerce. 3. CREATES TREATIES‚ e.g. CISG 4. CREATES MODEL LAWS‚ e.g. UNCITRAL Arbitration Rules ii. UNIDROIT (International Institute for the Unification of Private Law) iii. International Chamber of Commerce (ICC) 1. UCP—Uniform Customs and Practice for Documentary Credits
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Contract (b) EU Directive on Unfair Contract Terms (c) (d) 4. Explain briefly : (a) CISG (b) UNCITRAL (c) UNIDROIT 5. Explain: (a) SOGA (Sales of Goods Act) (b) UETA (Uniform Electronic Transaction Act) (c) ESIGN (Electronic Signatures in Global & National Commerce Act) (d) UCITA (Uniform Computer Information Transactions Act) 6. Explain: (a) UNCITRAL Model Law on E-commerce (b) UNCITRAL Model Law on Electronic Signatures (c) UNCITRAL Convention on Electronic Contracting
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Case Study 2 Deals Galore at Groupon 1. What features of contemporary e-commerce does Groupon Now! Utilize? Groupon Now utilizes Mobile e-commerce‚ by providing a mobile app and customers can purchase goods‚ promotions on the go. Social e-commerce‚ customers can share their purchases or refer promotions to their friends using social networking sites‚ such as Facebook & Twitter. Local e-commerce‚ Groupon offers subscribers deals from local businesses. 2. What value does this service provide
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In the excerpt “The Roots of Honor” by John Ruskin‚ it is expressed that purpose can change and that it is affected by the way society views that role. In a since one’s true purpose can be overshadowed and manipulated to be viewed as something completely different‚ making it unreliable. This meaning is revealed through figurative language in the excerpt “The Roots of Honor”. In the beginning of the passage John Ruskin discusses the role of a merchant and the image that society has created for that
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UNIVERSITY OF LAGOS SCHOOL OF POST GRADUATE STUDIES LLM PROGRAM SEMINAR PAPER IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE GRANT OF LLM DEGREE COURSE: SECURED CREDIT TRANSACTION TOPIC: FLOATING CHARGE AS A MEANS OF SECURITY IN CORPORATE FINANCE MEMBERS ODO Ifeoma Matric. No. 109061033 ARINOLA Abisola Ajoke Matric. No. 109061098 AWAJI Cecilia Matric No. 109061026 FALADE Olaronke Matric. No. 099061090
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LESSON PLAN 9 WRITTEN ASSIGNMENT (METZGER V. AMERICREDIT SERVICES‚ INC.) NATIONAL AMERICAN UNIVERSITY COURSE: LA 3100 PROFESSOR: ETHAN SCHMIDT AUTHOR: GLADYS M. DIXON LESSON PLAN 9 WRITTEN ASSIGNMENT (METZGER V. AMERICREDIT FINANCIAL SERVICES‚ INC.) Questions A. Briefly explain Theresa Metzger’s claim against Americredit Financial Services‚ Inc. * Theresa Metzger appeals from an order entered by the Superior Court of Clayton County granting partial summary judgment
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