a. Ikang Berhad is a company based in Terengganu, Malaysia, that
specializes in seafood exports and commonly uses letters of credit
(L/Cs) to ensure payment. It recently experienced a problem. Ikang
Berhad had an irrevocable L/C issued by a Mongolian bank to ensure
that it would receive payment upon shipment of 16,000 tons of fish
to a Mongolian company. This bank backed out of its obligation,
however, stating that it was not authorized to guarantee commercial
transactions. Explain the function...