A Letter of Credit that calls for a "time draft" means that a. the buyer's bank must pay the seller's bank at the time documents are initiated.

A Letter of Credit that calls for a "time draft" means that

a. the buyer's bank must pay the seller's bank at the time documents are initiated.

b. the buyer's bank must pay the seller's bank at the time the shipped goods arrive at the destination port of entry.

c. the buyer's bank must pay the obligation at some future specified date if all the other terms and conditions set forth in the L/C are met.

d. time is of the essence.

e. None of the above.