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Question
What are the rights and responsibilities of the account party in a letter of credit transaction?
Answer
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Related questions
Q:
All restrictive endorsements prevent the further transfer or negotiation of a bill or note.
Q:
Any reference to some other agreements in a note would make it non-negotiable.
Q:
To be negotiable, a bill or note must contain a promise by the drawer to make payment.
Q:
A bill of exchange that is payable at a definite future time is known as a sight bill.
Q:
Differentiate between particular average and general average.
Q:
What is a charterparty?
Q:
A with average policy contains a ________ that provides for payment only if the loss exceeds a specified minimum amount.
A. Himalaya Clause
B. franchise clause
C. constructive loss clause
D. loss payee clause
Q:
Which of the following is a term in a bill of lading that purports to extend to third parties the carriers liability limits established by the Hague and Hague-Visby Rules?
A. Himalaya Clause
B. force majeure clause
C. voyage charterparty
D. ultra vires rule
Q:
Which of the following best describes a claused bill of lading?
A. It is a bill of lading that is negotiable.
B. It is a bill of lading issued to a named consignee that is not negotiable.
C. It is a bill of lading indicating that some discrepancy exists between the goods loaded and the goods listed on the bill.
D. It is a bill of lading indicating that the goods have been properly loaded on board the carriers ship.
Q:
Which of the following best describes a clean bill of lading?
A. It is a bill of lading that is negotiable.
B. It is a bill of lading issued to a named consignee that is not negotiable.
C. It is a bill of lading indicating that some discrepancy exists between the goods loaded and the goods listed on the bill.
D. It is a bill of lading indicating that the goods have been properly loaded on board the carriers ship.
Q:
A(n) ________ is an instrument issued by an ocean carrier to a shipper that serves as a receipt for goods shipped, as evidence of the contract of carriage, and as a document of title for the goods.
A. bill of lading
B. air waybill
C. letter of credit
D. bill of exchange
Q:
The air waybills and consignment notes used in air carriage are documents of title.
Q:
A partial loss is known in the marine insurance industry as a particular average.
Q:
In the marine insurance industry, a free from particular average policy provides more protection than a with average policy.
Q:
If a vessel is sold, the lien goes with the ship, even if the new owner is unaware of its existence.
Q:
Maritime liens require possession.
Q:
In civil law countries, the lien exists against the owner as a debtor.
Q:
Res is a charge or claim against a vessel, its freight, or its cargo.
Q:
A time charterparty is a contract to hire an entire ship for a particular voyage.
Q:
Bearer instruments are transferred by negotiation.
Q:
A bill of lading is an instrument issued by an ocean carrier to a shipper with whom the carrier has entered into a contract for the carriage of goods.
Q:
If a seller delivers early, ________.
A. the buyer must accept the goods and pay the money immediately
B. the right of the buyer to recover damages is lost
C. the buyer is under no obligation to take delivery
D. the buyer will become entitled to a reduction in price
Q:
Which of the following is true of the buyers remedies under the CISG?
A. The right to recover damages is not lost if a buyer exercises any other available remedy.
B. The right to recover can only be availed after the seller is given a period of grace in which to comply.
C. The right to recover does not include reduction in price of the goods.
D. The type of remedy applicable in a case depends on whether the sellers breach affects the whole contract or only a part.
Q:
In the case of a destination contract, the risk of loss passes to the buyer ________.
A. when the goods are handed over or placed at his disposal at that place
B. as soon as he/she accepts the contract in writing
C. when the goods are handed over to the first carrier for shipment
D. at the time the contract is concluded
Q:
Which of the following is necessitated once the passage of risk has been completed?
A. The buyer must pay the agreed-upon price for the goods involved.
B. The seller must pay monetary compensation for nonconforming goods.
C. The seller must absorb the cost of loss of goods.
D. The buyer no longer remains responsible for loss or risk of the goods.
Q:
A transaction involving which of the following types of goods is most likely to be governed by CISG?
A. aircraft
B. electricity
C. negotiable instruments
D. agricultural products
Q:
The UNs Convention on Contracts for the International Sale of Goods (CISG) differs from the Convention Relating to a Uniform Law on the Formation of Contracts for the International Sale of Goods (ULF) in that the CISG ________.
A. does not represent the legal systems of communist nations
B. contains provisions for domestic sales of goods
C. represents all major legal systems
D. does not contain provisions pertaining to the formation of contracts
Q:
The force majeure excuse can be used only as long as the underlying impediment continues in existence.
Q:
The doctrine of consideration does not apply to the CISG.
Q:
Offers that do not state that they are irrevocable can be revoked any time before the offeree dispatches an acceptance.