Conoil argued that the letter of credit was a final binding document and that failing to issue it constituted a repudiatory breach of contract. However, the contracts did not state that issuing a letter of credit was a condition precedent for the contracts to become enforceable.

1. Alejandra Rodríguez
Claudia Hernández

2. The letter of
credit was the
“final binding
document”
Conoil’s conduct as
a repudiatory
breach of the
contracts.
Stated that there was
nothing in
those contracts to
suggest that issuing a
letter of
credit was a
condition precedent
to the contract6
becoming
enforceable