Faculty of Law

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Monash University

Monash University Handbook 2011 Postgraduate - Unit

6 points, SCA Band 3, 0.125 EFTSL

Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.

FacultyFaculty of Law
OfferedNot offered in 2011


Role of banks & financial instruments in financing trade transactions & international payments. Bills of exchange & promissory notes, documents of title, documentary collections & commercial letters of credit in trade finance. Security for trade finance - Standby letters of credit, independent guarantees & performance bonds in financing construction and other contracts. Law of payments. The impact of e-commerce, and electronic letters of credit. Domestic & international funds transfer systems & rules & rights & liabilities of users & providers. Relevant international agreements & model rules applicable to these transactions. Conflicts of law issues that arise in international transactions.


On completion of this unit, students should:

  1. be able to advise clients on the Australian law and practice and the international agreements and model rules governing:
    1. the use of negotiable instruments, documentary collections and commercial letters of credit in financing international trade
    2. standby letters of credit, independent guarantees and performance bonds and
    3. domestic and international electronic funds transfers and apply these legal rules of solve problems arising in these transactions
  2. be able to identify which jurisdiction's law governs the various aspects of documentary collections, letters of credit and international funds transfer transactions
  3. have a familiarity with:
    1. the conflicts of law issues that arise in international banking transactions
    2. the principal sources of law governing these transactions under English, Australian and United States law (with some comparisons with civil law) and
    3. the differences between the applicable rules in these legal systems on selected important issues
  4. have developed legal research and writing skills and skills of oral presentation in a seminar context.


Research paper (3,750 words): 50%
Take-home exam (3,750 words): 50%

Contact hours

24 contact hours per semester (either intensive, semi-intensive or semester long, depending on the Faculty resources, timetabling and requirements)