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#Questions: Assume Mr Zemen, an Ethiopian businessman who owns Zemen Business Group, wants to import 27 new model Ford vehicles with estimated price of USD $ 39 million from an American Car manufacturer Ford Motor company. Ford Motor Company conducts its foreign trade with the help of its bank, Citigroup Inc., while Zemen Business Group payment of foreign trade is facilitated through United Bank.
Q#1. Explain how these two businesses could undertake the exchange using the letter of credit. Show the steps clearly. Q#2. Develop the letter of credit paper encompassing all appropriate contents based on the above ideal transaction.
Q#3. Develop bill of exchange based on the above ideal transaction.
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