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Questions Presented
Mr. DeRosa is asking for the set of substantive rules that would apply to the current situation including charging him 20% more than the contract price. As well as he has also asked that whether there is any missing significant provision in the letter of credit and is it complete to make all of the parties binding on it?
In the given case, it has been required to address the two questions that have been asked by the Mr. DeRosa by preparing the short memorandum on the instruction given by Mr. Hiram, Head.
Following are the questions that are needed to be addressed in the required Memorandum as follows:
1. What set of substantive rules (Commercial Codes) will likely govern this contract, in view of the vagueness of Clause 4.
2. Are there any problems in the draft letter of credit, in terms of either mistakes or missing provisions therein?
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