I am facing some problems in my assignment of Seller, Buyer, Seller’s Bank, and Buyer’s Bank. Can anybody suggest me the proper explanation for it?
a. Draw the diagram of the transaction and label the Seller, Buyer, Seller’s Bank, and Buyer’s Bank.
b. Identify the parties by name that have an obligation to pay the Seller under the terms of the transaction and explain the basis in a sentence or two of their obligation
c. Explain how the case would be resolved under a strict interpretation such as the Raynor case (“corromandel nuts”) and the Hanil Bank case (not in Ed. 10; Ed. 9 at P293), under Voest-Alpine, text at P313 [not in Ed. 9]. Reference any appropriate articles in UCP 500 and 600 that support your position.