SPECIAL COMMERCIAL LAWS

Saturday 4-6PM

ASSIGNMENT. Handwritten. Submit it through LMS in pdf format.

1. Define Letters of Credit as held in the case of Transfield Philippines Inc. vs.
Luzon Hydro.

2. Define Letters of Credit as provided in Art. 2, Uniform Customs & Practice for
Documentary Credits.

3. Discuss the nature of Letters of Credit as enunciated in the case of Land bank
of the Philippines v. Monet’s Export and Manufacturing Corp.

4. Who are the parties of a Letters of Credit?

5. Explain the three (3) distinct but intertwined contract relationship that are
indispensable in a letter of credit transaction.

6. What are the liabilities of the correspondent banks:

a. Notifying/Advising Bank
b. Confirming Bank
c. Negotiating Bank
d. Paying Bank

7. In the case of Reliance Commodities, Inc. v. Daewoo Industrial Co. Ltd., G.R.
No. 100831, Dec 17, 1993, what is the effect of the buyer’s failure to procure
an LC to the main contract?

8. Discuss Fraud Exception Principle as enunciated in the case of Transfield

Philippines, Inc. v. Luzon Hydro Corp.

9. As held n the case of Feati Bank & Trust Company v. Court of Appeals, explain
the doctrine of strict compliance.

10. Is irrevocable letter of credit and confirmed letter of credit synonymous?

Explain.

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