The question of what constitutes 'fraud in the transaction' with respect to international lettersof credit varies considerably among jurisdictions. In proving allegations of fraud, it is crucialfor the practitioner to know the relevant jurisdiction's case law, especially if wider defencessuch as inducement, unconscionable conduct or bad faith must be invoked. In this book, theauthor argues that, whereas 'fraud in the documents' is generally sufficient in cases involvingcommercial letters of credit, standby letters of credit demand a wider fraud exception. Thecentral issue - how wide that fraud exception should be - is what this book explores in depth.