This interactive exercise has been designed to teach you the law of letters of credit. It has been approved for one hour of general CLE credit in California and Tennessee.

The exercise consists of text explaining the law together with problems requiring you to use your new knowledge. The problems are based largely on actual cases. In some instances, the problems will require you use knowledge you gained several screens back. Researchers have determined that this type of delayed reinforcement improves retention. It will not be necessary to page backward to review, however, because the problem will contain links to UCC sections which you can use to refresh your recollection of the principles you learned earlier.

When you have completed this exercise, you will have a good understanding of the basic principles of letters of credit.

Upon completion of this exercise, you may obtain one hour of general CLE credit in Tennessee and/or California by mailing in the form on the last page of the exercise along with a check for $25. Further instructions are available on the last page of the exercise. If you do not desire CLE credit, you are welcome to use the exercise. There is no charge unless you desire CLE credit.