The book illustrates each section of UCC Article 5 (the letter of credit article) with historical analysis that explains each section’s purpose. It is folly to read Article 5 literally, and it is disastrous to see it as characterizing the letter of credit as a unique form of contract. The historical exegesis the book presents makes it clear that letters of credit are unique, idiosyncratic undertakings for which the Article fashions unique, idiosyncratic rules. There was, moreover, an abundant body of common law that preceded codification of letter of credit law in the Uniform Commercial Code. The book includes that rich common law history, setting it forth section by section. It enhances the common law explication with drafting history and with explanations by serious letter of credit commentators.