1. Introduction
2. Standby letters of credit and the fraud exception
3. ‘Fraud in the documents’ and ‘fraud in the transaction’: seeking conceptual clarity
4. Application of the ‘wider’ fraud exception to standby letters of credit: the US position
5. The fraud exception: position under Canadian law
6. The fraud exception under English law
7. The fraud exception and the principle of unconscionability: the Australian law position
8. Conclusion
Appendix 1. Uniform rules for demand guarantees (URDG758)
Appendix 2. United Nations Convention on Independent Guarantees and Stand-by Letters of Credit.