BAGame2

The Hague-Visby rules apply only:

• where a bill of lading is issued.

• when no insurance policy is obtained.

• where there is no agreement on the law of application and jurisdiction.

• when the parties are in different jurisdictions.

The mate’s receipt:

• is not a prima facie evidence of the quantity and condition of the goods.

• is not a document of title.

• when transferred, transfers property in the goods.

• is nowadays called a Bill of Lading.

Which of the following parties would issue a bill of lading?

• Seller

• Shipper

• Consignee

• Carrier

The bill of lading serves as a contract of carriage between the consignor and the consignee.

• True

• False

CFR stands for:

• Cost Free

• Cost, Freight and Risk

• Cost and Freight

• Carriage at Frontier

In CIF contracts, the risk passes:

• when property passes.

• on shipment.

• when the documents are tendered to the buyer.

• when the payment is made by the buyer to the seller.

INCOTERMS 2020 contains:

• 11 Rules

• 13 Rules

• 15 Rules

• 20 Rules

Which of the following ICC INCOTERMS applies only to contracts involving marine transport?

• DAP

• FCA

• FAS

• DDP

In a documentary credit arrangement, a foreign correspondent of issuing bank that advises the beneficiary of a letter of credit is known as a(n):

• confirming bank.

• issuing bank.

• investment bank.

• advising bank.

A letter of credit is a contract between:

• the seller and the buyer’s bank.

• the buyer’s bank and the seller’s bank.

• the buyer and the buyer’s bank.

• the seller and the seller’s bank.