47. A letter of credit can be either "revocable" or "irrevocable". Few exporters will accept
a revocable letter of credit, so the plain expression "letter of credit" generally means
the irrevocable kind. The word "irrevocable", therefore, should not always appear in
the text of the credit and of the contract. Right or wrong?
A. Wrong.
B. Wrong, because it should always appear in the text of the credit and of the
contract according to the ICC's rules.
C. Right.
D. Right, because in the absence of a clear indication, letter of credit are deemed to be
irrevocable.
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