Abstract
The purpose of this paper is to analyse the Letter of Credit instrument, to identify its legal nature and principles and practically look into the applicability of exceptions to these principles - specifically the Fraud exception and examine it in light of the transformation of this instrument by electronification. The problem expressed and attempted to address in this work is whether the predictability of the Letter of Credit can be preserved through the varying definitions and scope of the Fraud exception in different parts of the world and through the major challenge of electronic commerce. There are a few answers presented in the emergence of new methods of e-commerce. However, the question remains, if the Letter of Credit will as such be applicable in the future.
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