Exam 12: Documentary Transactions

According to Incoterms 2020, the export clearance obligation under FAS is on the seller.

A pro forma invoice is essentially the same as a price quotation.

Under trade terms DES Tokyo, the seller is obligated to pay the cost of transport and insurance, and the buyer pays for the unloading of the ship and customs clearance.

A clean bill of lading is a receipt for goods issued by a carrier with an indication that the goods were received in "apparent good order and condition."

Under COGSA, an ocean carrier may insert a clause in the bill of lading disclaiming itself from any liability.

An Airway bill of lading acts as which of the following:

Shipment contracts allocate the risk of loss upon the purchaser from the moment of loading or shipment.

A commercial invoice is a bill for the goods prepared by the buyer.

The person or firm named in a bill of lading to whom goods are to be turned over is the:

Ex-works is the most pro-seller trade term.

The trade term ___________ requires the most responsibility on the part of the seller:

All of the following trade terms refer to 'shipment contracts' except:

An order bill of lading allows for delivery only to the named consignee in the bill of lading.

Drafts that are paid when presented for payment are called time drafts.