Special Commercial Law, Part I - Letters of Credit

Course Syllabus based on 2012 Bar Exams Released by the Supreme Court

I. Letters of Credit

A. Definition/concept

B. Governing laws

C. Nature of letter of credit

D. Parties to a letter of credit

1. Rights and obligations of parties

E. Basic principles of letter of credit

1. Doctrine of independence
2. Fraud exception principle
3. Doctrine of strict compliance

Cases:

1. Metropolitan Waterworks and Sewerage System v. Hon. Reynaldo B. Daway and Maynilad Water Services, Inc., G.R. No. 160732, June 21, 2004

2. Mico Metals Corp. v. Court of Appeals and Philippine Bank of Communications, G.R. No. 117914, Feb. 1, 2002

3. Transfield Philippines, Inc. v. Luzon Hydro Corporation, Australia and New Zealand Banking Group Limited and Security Bank Corporation, G.R. NO. 146717, Nov. 22, 2004