Issued irrevocable letter of credit on behalf of customer

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Reference no: EM132304940

Bank One (BO) issued an irrevocable letter of credit on behalf of its customer, Specks, for up to $1,150,000 covering shipments of “Moscato D'Asti Wine” from “Worldwide Wines” (WW). WW presented its draft and commercial invoice. The submitted documents also referred to the shipment of “Moscato Wine” although the shipments themselves were of “Moscato D'Asti Wine.” BO refused to accept these documents because of these discrepancies. BO noted that there tht D'Asti wine is usually bubbly, while plain Mosacto grape based wine may not be. WW claimed the difference in names was excusable as a minor typographical error between the letter of credit and documents. Who would prevail in litigation between BO and WW? Explain your answer. Would the result be different if the court was to apply UCP 600 or the functional standard of compliance? Why or why not?

Reference no: EM132304940

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