Assignment 2 (60% weighting) Instructions This is the first piece of coursework in the module. Maximum 3,600 words (excludes references, attachments, graphs, images and addendums) Referencing: at least 10 relevant Journals or textbook reference should be given in the references list. SCENARIO A credit by its nature is a separate transaction from the sale or other contract on which it may be based. Banks are in no way concerned with or bound by such contract, even if any reference whatsoever to it is included in the credit. Consequently, the undertaking of a bank to honour, to negotiate or to fulfill any other obligation under the credit is not subject to claims or defenses by the applicant resulting from its relationships with the issuing bank or the beneficiary. A beneficiary can in no case avail itself of the contractual relationships existing between banks or between the applicant and the issuing bank. TASK Critically identify the legal issues that have arisen under the
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