The Basic Legal Relationship With The Single Letters Of Credit Related Parties

This dissertation is a study of the basically legal relationship among the parties concerned with documentary letter of credit(L/C) which is the most important payment means for international trade. It discusses primarily the character, basic contents and important legal problems of the legal relationship among the concerned parties.Chapter I is an introduction of the basic knowledge and fundamental principals of L/C. It introduces the basic meaning of L/C, discusses the legal characteristics of the issuing- bank's obligation, and defines the object of this dissertation in the end.Chapter II discusses the legal relationship between applicant and beneficiary, firstly ,it inquires into the relationship between L/C and contract for sale and purchase, analyzes the inaccuracy of the opinion of "mutually- independent", holds that the actual meaning of the principle of independence should be bank's independence from fundamental contract. Secondly, It points out business contract is reason and L/C is result. Thirdly, It discusses the legal meaning of L/C for business contract. On this standing, it makes analysis on the legal character and effect of payment by L/C and submitting documentary, points out that since Both parties concerned approve of accepting this arrangement, they should undertake such result.Chapter III studies the legal relationship between issuing bank and beneficiary. It advances personal views on many problems. On the basis of comparing and analyzing the theories of contract, third party benefit contract and independent specialty. Afterwards it puts forward that L/C is not a both-sides act but a unilateral one. In the end, it expounds the basic principals of documentary examination.Chapter IV discusses the legal relationship between issuing bank and applicant. It firstly probes into the deal background between the two parties, and emphasizes its standard-contract character. After that, thelegal character of issuing bank's right on documentary is specially discussed.The last chapter studies their respectively legal status of the intermediate bank, such as advising bank, confirming bank, negotiating bank and reimbursing bank, specially the legal requisites for negotiating bank and the main obligation of reimbursing bank.