Question

Terms of a/an ________ cannot be changed without prior consent from all parties Revocable letter of...

Terms of a/an ________ cannot be changed without prior consent from all parties

Revocable letter of credit

Ordered bill of lading

Straight bill of lading

Sight draft

Irrevocable letter of credit
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Solution:

Answer is: Irrevocable letter of credit

Terms of an irrevocable letter of credit cannot be changed without prior consent from all parties.

Explanantion: An irrevocable letter of credit is a financial instrument which obligates the issuing bank to pay to the seller when all the terms and conditions of the letter of credit have been met. None of the terms and conditions may be changed without the prior consent of all the parties to the letter of credit, that is why it is called as an irrevocable letter of credit.

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