1.A bill of lading is a document issued by the buyer to the carrier upon receipt

Question

1.A bill of lading is a document issued by the buyer to the carrier upon receipt of the goods.
A) True
B) False
2.
In a shipment contract, the risk of loss passes to the buyer when the goods are handed over to the first carrier.
A) True
B) False
3.
Incoterms define trade terms according to the mode of transportation chosen by the parties.
A) True
B) False
4.
Under which Incoterm are the seller's responsibilities the lowest?
A) CFR
B) FOB
C) EXW
D) DDP
5.
In a CIF contract, marine insurance is purchased by:
A) the buyer
B) the seller
C) the carrier
D) none of the above
6.
A bill of lading is:
A) a contract for the carrariage of goods
B) the document of title to the goods it describes
C) the receipt of the goods from the carrier
D) all of the above
7.
The process whereby banks serve as the intermediaries between buyer and seller for the exchange of the bill of lading in return for payment is:
A) the documentary title
B) the negotiation
C) the documentary collection
D) the documentary transaction
8.
F Groups contracts are"
A) shipment contracts
B) carriage contracts
C) destination contracts
D) freight contracts
9.
Which Incoterm group represents the highest level of responsibility for the buyer?
A) C
B) F
C) D
D) E
10.
X entrusts goods to Y for storage. Y delivers the goods to the carrier, obtains a bill of lading, transfers it to Z and leaves with the money. X may reclaim the goods:
A) always
B) if the bill of lading was non-negotiable
C) if Z is a good faith purchaser only
D) if he can prove he is a U. S. citizen.

Explanation / Answer

1 A) True 2. A) True 3. B) False 4. A) CFR 5. B) the seller 6. D) all of the above 7. B) the negotiation 8. D) freight contracts 9. B) F 10. A) always

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