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The Swiss Credit Bank issued a letter of credit in favor of Antex Industries

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The Swiss Credit Bank issued a letter of credit in favor of Antex Industries to cover the sale of 92,000 electronic integrated circuits manufactured by Electronic Arrays. The letter of credit specified that the chips would be transported to Tokyo by ship, but Antex transported the circuits by air. The payment on the letter of credit was dishonored because the shipment by air did not fulfill the precise terms of the letter of credit.;Should the court compel payment? Why or why not?

 

Paper#17828 | Written in 18-Jul-2015

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