30 trac nghiem khao thi

ĐỀ SỐ 1
1. In settlement by deferred payment (thanh toán trả chậm) , the letter of credit is paid
after delivery. Right or wrong?
A. Completely right
B. Definitely wrong
C. It depends
D. The letter of credit is not payable until a number of day
2.Which of these counts as a defect?
A. Wrong design
B. Fair wear and tear
C. Misuse
D. Missing items
3. (Note: If either party is prevented from, or delayed in, performing any duty under this
contract by an event beyond his reasonable control, then this event shall be deemed
force majeure)
Shortage of supplies (background, the exporter cannot get the raw jute he need from
the supplier because of a shipping delay)
A. Yes
B. Questionable
C. No
4.The majority of shipping documents presented to banks under documentary credit
transaction are accepted on first presentation, Right or wrong
A. Completely right
B. Definitely wrong
C. Neither right nor wrong
D. It depends
5. A warranty is aimed at:
A. Obtaining loans


B. Assurance of product performance

C. Credit purchase
D. Profit making
6.The Anglo-American contract is………
A. Not the entire agreement
B. Traditionally the entire agreement
C. Sometimes the entire agreement
D. Rarely the entire agreement
7.In negotiating a letter of credit, the step in which the list of all required documentation
is incorporated into the contract is……
A. Specification (speccifying) ghi rõ
B. Incorporation
C. Compliance( submit) thực thi
D. Verification (check) rà soát
8. In a contract under a Continental law, a recital……
A. Is essential
B. Is important
C. Is not useful
D. Is useful
9.Minimum Coverage is the so-called Cargo Clause…..p64
A. A
B. B
C. C
10. How many timing problems are involved in Defects Liability Period? P134
A. Three
B. Four


C. Two
D. Five
11. The main difference between Continent and Anglo –American contract law is the

degree of…..
A. Codification( bộ luật)
B. Formation
C. Automation
D. Interpretation
12. What happens if the issuing bank finds a problem with the documents and refuses to
send funds to the advising bank to cover payment?
A. The advising bank has to suffer that loss due to their carelessness in checking the
shipping documents
B. The advising bank gets its money back from the exporter
C. The payments form the advising bank to the exporter are always made with
recourse. The exporter has to pay back the advising bank in such a case
D. It is the responsibility of the issuing bank of paying back the advising bank in suck
in case
13. What can protect both the exporter and the importer in an export contract?
A. A well-designed set of specifications
B. An itemized set of specification
C. A plain set of specification
D. None of these
14. Which of the following is the objective aimed at by the exporter to minimize the risk
of the goods being rejected of heavy defects liability claims?
A. Winning buyer’s goodwill
B. Keeping his promise
C. Negotiating detailed specifications
D. Making profit


15. Transfer of risk form the seller to the buyer (Incoterm 2000) CIP
A. When the goods are at the seller’s premises
B. When the goods are handed to the first carrier

C. When the goods across the ship’s rail
D. When the goods are on board
16. The name of …………… are normally the full, registered name of the company.
A. The exporter
B. The buyer
C. Either the exporter or the importer
D. The parties
17. In a contract under a Continental law, a recital…..
A. Is essential
B. Is not useful
C. Is not essential
D. Is important
18………….. is opened-ended
A. Tailor-made
B. Floating
C. Open cover
19. The mechanism of a confirmed letter of credit works as follows:
A. Buyer instructs issuing bank to issue a letter of credit in favor of the seller
B. Buyer instructs issuing bank to instruct an advising bank to pay under a letter of
credit in favor of the seller
C. Buyer instructs issuing bank to instruct a confirming bank to pay under a
letter of credit in favor of the seller
D. Buyer instructs issuing bank to instruct any third bank to under letter of credit in
favor of the seller


20.In CIF and CIP contracts, the exporter normally assigns the insurance agreement
to……
A. The buyer
B. The carrier

C. The issuing bank
21. In principle the buyer can reject delivered goods if they do not conform to the
contract. This is called…..
A. Implied warranty of suitability
B. Implied warranty of conformity
C. Implied warranty of merchantability
D. Implied warranty of fitness for intended purpose
22. A contract is not enforceable if….
A. It is signed within power
B. It has a legal purpose
C. It has an illegal purpose
D. It has no purpose
23. The Disclaimer of warranty means:
A. The seller is liable for the goods
B. The buyer is denied of some of his normal rights
C. The seller will make good any defect
D. Contract prices would be far higher
24. In negotiating a letter of credit, the step in which the exporter rigorously checks
documentation and submits it to the bank is…….
A. Agreement
B. Verification
C. Specification
D. Compliance


25. Which of the following discrepancies is NOT the problem with the Letter of Credit?
A. The credit has expired
B. Document required by the credit are missing
C. The credit amount is exceeded
D. Insurance cover is expressed in a currency other than that of the credit

26.The two terminologies which mean the same thing are….
A. Guarantee and Warranty
B. Bond and Surety
C. Warranty and Defects Liability
D. Guarantee and Insurance
27. Normally, risks are transferred at the point of……
A. Delivery
B. Payment
C. Arrival
28. War risk is not included in……..
A. A clause
B. B Clause
C. A,B,C clause
29. Negotiation of specification between the exporter and the importer can be ………
A. An effortless process
B. A difficult process
C. Done by an intermediary
D. A simple process
30. Why do the exporters offer a discount for early payment , for example a 1% discount
of payment is made within 10 days of the date of invoice ?
A. Because the discount is so attractive to the buyers
B. Because the buyer can save on the invoice price


C. Because the exporter can substantially improve his cash flow
D. Because the exporter just want to get payment for delivery
31. The method of payment which is dangerous for the exporter is:
A. Cash on delivery
B. Accepting a personal check
C. Prepayment

D. Export credit insurance
32. AS for Ango-American ,the decision of judge is always :
A. Predictable
B. Forceable
C. Unpredictable
D. Estimated
33. If both parties perform their duties correctly, a contract is discharged by :
A. Default
B. Suspension
C. Performance
D. Breach
34. Dawson bought vanilla beans from Indonesia. Dawson instructed an American bank
to open a letter of credit. One of required shipping documents was a certificate of
quality issued “ by experts”. The bank paid the exporter. The beans, when they
arrived, were rubbish. The certificate of quality was signed, however, by only one
“expert”. Could the bank collect from Dawson the money it had paid to the exporter?
A. Definitely ,it could
B. Probably, it could
C. No, it could not
D. No question, it could
35.If the price is quoted FOB Singapore, who pays for the insurance and freight?
A. The exporter
B. The buyer
C. The forwarding agent
D. The confirm
36. The bill of lading issued by the carrier for combined transport is called:
A. Combined bill of lading
B. Combined bill
C. Combined transportation bill of lading
D. Combined transport bill of lading

37.In a contract the word “ whereas” means :


A. “only that”
B. “while”
C. “when”
D. “because” or “consider that”
38. Assuming shipment is by rail, what if a letter of credit demands the original bill of
lading ?
A. It is possible demand
B. The original of the bill of lading for shipment by rail does not come into the
possession of the buyer.
C. Such a letter of credit is certain to cause delay in payment
D. The bank insists on strict compliance
40. Which is the most appropriate method of payment for the exporter in the following
case ? Sale of a bale (roll) of cloth costing 200 USD to a nearly tailor’s shop with
whom you have done business for 20 years.
A. Confirmed letter of credit.
B. Open account with no security
C. Open account with bank guarantee
D. Open account with export credit insurance
41. IF shipment is under Incoterms other than CIF or CIP ?
A. the buyer has to arrange the insurance cover by himself
B. The buyer may still ask the exporter to arrange some aspects of the insurance
for him
C. The exporter has to arrange the insurance cover to the goods
D. The exporter pays for insurance till the port of discharge
42. The period during which the buyer can begin a legal action is legally called:
A. Notification
B. Rectification

C. Legal action period
D. Detect liability period
43. The delivery depends on
A. Date of execution
B. Effective date
C. Preconditions
44. The Vienna Sales Convention is also called:
A. the uniform Law of International Sale
B. the Uniform Law on the Formation of Contract for the international Sale of Goods
C. the UN Convention on Contract for the International Sale of Goods


D. the UN Convention on Contract for acceptance
45. How many originals and copies is the air waybill issued according to the standard of
the International Air Transport Association-TATA?
A. Three originals and 3 copies
B. 3 originals and 6 copies
C. 3Originals and 9 copies
D. it depends on the requirements in the letter of credit
46. The parties to a contract are not always required to .....
A. Ignore
B. Apply
C. Refuse
D. Decline
47. A ban is issued on the export of jute products by newly elected government that has
on been preparing legislation on this subject for 5 years.
A. Yes
B. Questionable
C. No
50. The bank that the buyer asked to open a letter of credit is call

A. an issuing bank
B. an advising bank
C. confirming bank
D. opening bank

ĐỀ 2
1. The decision of arbitrator is:…
A. Law- oriented
B. Business-oriented
C. Action-oriented
D. Reaction-oriented
2. Under most laws, a buyer can make certain assumptions about goods. These
assumptions are called (by lawyers):
A. Express warranties
B. Negotiable warranties
C. Implied warranties
D. Implied guarantee
3. If the force majeure event continues for too long, both parties have the right to
A. Continue the contract


B. Terminate the contract
C. Make late delivery
4. If the price is quoted FCA, who pays for the freight?
A. The exporter
B. The carrier
C. The buyer
D. The forwarding agent
5. When parties agree to end a contract, … occurs.
A. Termination

B. Frustration
C. Rescission (từ bỏ)
D. Suspension
6. In a contract, a formal definition is the best way of clarifying what exactly the two
sides have …
A. Excused
B. Negotiated
C. Agreed
D. Solved
7. In negotiating a letter of credit, the step in which the exporter checks the credit to see
that required documentation is as agreed is …
A. Agreement
B. Incorporation
C. Verification
D. Compliance
8. “A machine that consumes more fuel than specification” is an example of:
A. Latent defect
B. Patent defect
C. Inherent defect
D. Apparent defect
9. When the bill of lading marked “freight prepaid”. Who pays for the freight?
A. The buyer
B. The seller
C. The agent


D. It depends on the agreement
10. Which of these is the cheapest option for the exporter?
A. Repair
B. Replace (part of the whole item)

C. Reduce the price
D. Return the goods
11. The clause covers General Average
A. A
B. B
C. A, B, C
12. The bill of lading issued by the carrier for road transport is called…
A. Road bill of lading
B. Road bill
C. Roadway bill
D. Road consignment note
13. Which of the following examples is a patent defect?
A. Crushed of stained garments
B. The flooring shows signs of deterioration
C. High fuel consumption
D. Inadequately tightened nuts and bolts
14. If shipment is made on CIF or CPI terms, the letter of credit will call for
A. An insurance policy
B. A letter of insurance
C. A certificate of insurance
D. Either A or C
15. In settlement by sight payment
A. The seller presents the necessary documents to the issuing bank
B. The seller presents the necessary documents to the advising bank
C. The seller presents the necessary documents to the paying bank
D. The seller presents the necessary documents to the reconfirming bank
16. Which of the following discrepancies is not the problem with inconsistencies among
documents?

A. The description of the goods on the invoice and the description of the goods in the
credit are different
B. Documents are not presented within the required time
C. Weights differ between 2 documents
D. Marks and numbers differ among documents
17. “The buyer shall notify the seller of defects without undue delay”. This is an example
of:
A. Defects liability period
B. Notification period
C. Rectification period
D. Legal action period
18. Termination for convenience occurs when one party simply decides to drop the
contract and
A. No reason is required
B. Reasons are required
C. Consultation is required
D. Conversation is required
19. Which is the most appropriate method of payment for the exporter in the following
case? A new small customer in a Pacific island republic much given to political
disturbances. The order is for $10000 worth of assorted textiles
A. Open account with no security
B. Open account with bank guarantee
C. Open account with export credit insurance
D. Confirmed letter of credit
20. In negotiating a letter of credit, the step in which the list of all required documentation
is incorporated into the contract is
A. Specification
B. Incorporation
C. Compliance
D. Verification

21. In drafting an arbitration clause, the following question must be resolved:
A. How many arbitrators sit in the court?
B. What is the language of the court?


C. Where is the place of the court?
D. All the above
22. In a contract, consideration may consist of…
A. Only right
B. Only interest
C. Only profit, detriment and loss
D. Right, interest, profit, detriment and loss
23. Why letters of credit are formally called “documentary credits”?
A. Because a letter of credit is a binding agreement by a bank to pay a certain sum of
money when the exporter presents the necessary documents to the bank.
B. Because a letter of credit is issued by an issuing bank at the request of the buyer
C. Because in a letter of credit situation, documents are exchanged for money
D. Because the documents in a letter of credit are proofs of trust.
24. Continental law has well developed private law, especially contract and …
A. Commercial law
B. Corporate law
C. Community law
D. Case law
25. In settlement by acceptance, what will the bank do after receiving the documents and
draft drawn from on the buyer from the seller?
A. The bank will pay the seller immediately
B. The bank will pay the seller as long as the documents submitted comply with all
the terms of letter of credit.
C. The bank checks the documents
D. The bank agrees to pay the bill when it matures

26. In contract, “partial invalidity provision” means the invalidity of one part of the
contract…
A. May invalidate the rest
B. Does not invalidate the rest
C. Affects the rest
D. Enforces the rest
27. Who issues bill of lading?
A. Captain


B. Exporter
C. Shipping company
D. Agent
28. Why can a manufacturer sometimes accept a loss on an export deal?
A. He wants to win a regular customer
B. His factory may be short of work
C. He can get some export incentives from the government
D. Any of above
29. A disclaimer of warranty often accompanies delivery of
A. Software
B. Hardware
C. Footwear
D. Chinaware
30. Delivery of the goods under most export contracts takes place in the country of
A. The importer
B. The exporter
C. The agent
31. All risks covered is under … clause
A. A
B. B

C. C
32. A contract requiring an exporter in Ethiopia to send the contract goods by air for
delivery in Windhoek, Namibia
A. CIF Windhoek
B. CIP Windhoek
C. DEQ Windhoek
33. A contract is not enforceable if
A. It is signed within power
B. It has a legal purpose
C. It has illegal purpose
D. It has no purpose
34. Transfer of risk from the seller to the buyer (Incoterm 2000): CIF
A. When the goods are at the seller’s premises


B. When the goods are handled to the first carrier
C. When the goods across the ship’s rail
D. When the goods are on board
35. Discount Records bought phonograph records from an exporter. Payment was by
letter of credit issued by Barclays Bank. The exporter delivered a mix of cassettes,
eight-track cartridges and other non- contractual goods. Discount Records tried to get
an injunction to stop Barclays from paying under the letter of credit. What you think
the court would do in that case?
A. The court refused
B. The court accepted
C. The court would not involve
D. The exporter will be paid although later action in the courts may oblige him
to make good any damage, he has caused the buyer.
36. Negotiation of specification between the exporter and the importer can be…
A. An effortless process

B. A difficult process
C. Done by an intermediary
D. A simple process
37. An offer dies if it has a/an:
A. Acceptance
B. Agreement
C. Adoption
D. Revocation
38. Which of the following discrepancies is not the problem with the letter of credit?
A. The shipment was short
B. The shipment was late
C. There is no endorsement if endorsement is necessary
D. The credit has expired.
39. Which of the following concepts is best used to avoid confusion when we mean an
assurance that the exporter will make good defects in his goods?
A. Warranty
B. Guaranty
C. Defects liability
D. Warrantee


40. If alternative means of transport of partial shipments are allowed perhaps by different
modes of transport, the letter of credit should have the words … between the names of
transport documentation.
A. And
B. Or
C. And/or
D. Either B or C
41. If the price is quoted FOB Singapore, then the seller is not obliged to pay insurance
and freight. Right or wrong?

A. Completely right
B. Wrong
C. Partly right, as the seller is obliged to pay only the freight and insurance
necessary to put the goods on board of the designated vessel by the buyer
D. Completely wrong, because the buyer is obliged to pay for insurance and freight
on his own account if term of trade is FOB.
42. The main concerns of the parties to contract should be…
A. Dispute management
B. Dispute avoidance
C. Dispute cost
D. Dispute means
43. A commercial invoice must be made out to…
A. The exporter
B. The shipper
C. Any party endorsing the bill of lading
D. The application for the letter of credit, normally to the buyer, unless otherwise
stated in the credit.
44. Another name for tender guarantee is
A. Revocation guarantee
B. Bid guarantee
C. Bond guarantee
D. Bid bond
45. The best solution for the exporter to make late payment impossible is
A. A typical contract clause in which there are regulations on the amount of interest
the seller shall be entitled to receive in case of late payment.


B. An agreement with the buyer to strengthen the payment provisions with a payment
guarantee
C. An agreement with an insurance company in case the buyer fails to pay on time

D. A confirmed, irrevocable, at sight letter of credit.
46. Defects may be which of the following? Cả design nữa
A. Defects in materials
B. Defects in workmanship
C. Both
D. None of these
47. If a dispute arises, the recital allows the court to discover the real meaning of …
A. The contract
B. The term
C. The incoterm
D. The appendix
48. The dockworkers in Port Verbena go on strike
A. Yes
B. Questionnaire
C. No
49. Defects that come to light after buyer’s acceptance are called…
A. Patent defects
B. Latent defects
C. Coherent defects
D. Apparent defects = patent


1.

2.

3.

4.

5.

6.

7.

8.

ĐỀ 3
A contract is a written agreement and it follows the “meeting of minds” and….
A. Offer and decline
B. Offer and refusal
C. Offer and acceptance quá trình đàm phán
D. Offer and renewal
A bank is issued on the export of jute products by newly elected government
A. Yes
B. Questionable
C. No
Continental lawyers ……. Complicated grammar of the whereas- clause
A. Often avoid
B. Often use
C. Often take advantage of
D. Sometimes use
The clause covers General Average:
A. A
B. B
C. A,B,C
The contract should regulate what happen if Incoterms 2000 and the terms of contract
conflict normally the ….. prevails
A. Incoterm

B. Contract
C. Incoterm and contract.
If is possible for the beneficiary (exporter) sometimes, though not often, to make a
draft on the bank to collect the money?
A. No. it isn’t
B. It is impossible by all mean
C. The draft must be drawn on the buyer to the order payment not the bank
D. Yes, it is
Continental law is also called…….
A. Civil law
B. Common law = case law = Anglo-American Law
C. Legal system
D. Lawful case
Unless the letter of credit states otherwise, insurance coverage on a CIF or CIP
shipment must be for…… of the CIF or CIP value of the goods


A. 100%
B. 90%
C. 50%
D. 110%
9. The bank helping the exporter to check the correctness of the documents and set the
payment procedure in motion is……..
A. The issuing bank
B. The advising bank
C. The confirming bank
D. Any third bank
10. Why letter of credits are formally called documentary credits?
A. Because a letter of credit is a binding agreement by a bank to pay a certain sum of
money when the exporter presents necessary documents to the bank

B. Because a letter of credit is issued by a issuing bank at the request of the buyer
C. Because in a letter of credit situation, documents are exchanged for money
D. Because the documents in a letter of credit are proof of trust
11. If the exporter knew the buyer’s intended purposes, and if the buyer relied on the
exporter knowledge and expertise, the buyer can reject the goods that are not suitable
for their intended purposes. This is called……
A. Implied warranty of the suitability with intended purposes
B. Implied warranty of fitness for attention
C. Implied warranty of fitness for objectives
D. Implied warranty of fitness for intended purposes
12. If the price is quoted FOB Singapore, then the seller is not obliged to pay insurance
and freight. Right or wrong?
A. Completely right
B. Wrong
C. Partly right, as the seller is obliged to pay only the freight and insurance necessary
to put the goods on board of the designated vessel by the buyer.
D. Completely wrong because the buyer is obliged to pay for insurance and freight on
his own account if term of trade is FOB
13. If a contract is an entire agreement, earlier letters and documents……..
A. Can be used as evidence
B. Become invalid
C. Prevail
D. Remain important


14. The point of delivery is much the same for all…….. terms and …….. terms- when
the exporter hand over the goods to the carrier
A. C & F
B. D & F
C. C & D

15. A term or terms in a contract could raise the contract price
A. A shorter warranty period
B. Customer order goods in one color
C. No additional packaging or safety warnings are required beyond normal standards
D. A longer warranty period
16. Who issue export credit insurance?
A. The buyer
B. The exporter
C. An insurance company
D. Any export company
17. The defects liability clause should states:
A. The date of acceptance
B. Exporter’s duty if a defect comes to light
C. Both A & B
D. Only A
18. If shipment is made on CIF or CIP terms, the letter of credit will call for….
A. An insurance policy
B. A letter of insurance
C. A certificate of insurance
D. Either A or C
19. The lump-sum compensation is set too low
A. liquidated damages
B. quasi indemnity
C. penalty
20. To cure the defective goods, the best option for the exporter is:
A. taking back the defective goods and giving back the money
B. reducing the price
C. replacing the goods
D. dependent on the type of goods
21. The workforce at the factory goes on strike:

A. Yes
B. Questionable


C. No
22. The exporter's interests are best served by
A. An irrevocable letter of credit.
B. A confirmed letter of credit
C. An at-sight letter of credit
D. A combination of all of the above.
23. …………..are the explanations.
A. Definition clauses
B. Whereas-recital clauses
C. Preamble clauses
D. Annex clauses
24. 'Door to door service" is offered. Which term should be used?
A. DDP
B. CIF
C. CIP
25. Delivery of the goods under most export contracts takes place in the country of
A. the importer
B. the exporter
C. the agent
26. Continental Law does not require long and contracts.
A. Loose
B. Lax
C. Brief
D. Detailed
27. The fact that manufacturer often tempted to be over-optimistic and to agree to
impossible specifications is…….. in business.

A. lucrative
B. risky
C. advantageous
D. common
28. The answers to background questions are written
A. through the whereas-recital
B. through the annex
C. through provisions
D. through conditions
29. According to the UCC, if the goods fail in any respect to conform to the contract, the
buyer may


A. reject the whole
B. accept the whole
C. accept any commercial unit and reject the rest
D. All the above
30. The advantages of arbitration are
A. Private and foreseeable costs
B. Lengthy and open
C. Binding and rigid
D. Time – consuming
31. . Whereas-clauses.
A. are provisions
B. are promises
C. are conditions
D. are not provisions, promises or conditions( they are explanation)
32. In terms of payment in international trade.
A. Risk rises and cost rises as well
B. Risk falls and cost falls as a consequence

C. Risk and cost have no relationship with each other
D. Risk and cost rise and fall together
33. Defects such as wrong items, broken or missing parts, scratches, and so on are called
A. patent defects
B. latent defects
C. inherent defects
D. concealed defects
34. The bill of lading issued by the carrier for sea transport is called
A. Seaway bill
B. Marine bill of lading
C. Sea way bill
35. Which of the following discrepancies is NOT the problem with the Letter of Credit?
A. The shipment was short
B. The shipment was late.
C. There is no endorsement if endorsement is necessary.
D. The credit has expired.
36. Failure to meet specifications is a
A. Defect in workmanship
B. Defect in material
C. Defect in design


D. Defect in quantity
37. The bill of lading issued by the carrier for road transport is called
A. Road bill of lading
B. Road bill
C. Roadway bill
D. Road consignment note
38. Mowing the buyer to repair the equipment at the exporter's cost …….
A. is always the best choice for the exporter

B. is always the worst choice for the exporter
C. is often safe for the exporter
D. is often unsafe for the exporter
39. Assuming shipment is by rail, what if a letter of credit demands the original bill of
lading?
A. It is a possible demand.
B. The original of the bill of lading for shipment by rail does not come into the
possession of the buyer.
C. Such a letter of credit is certain to cause delay in payment
D. The bank insists on strict compliance.
40. Partial invalidity clause can help to avoid problems with contacts that…….
E. might infringe government regulations
F. violate the trade laws
G. discourage trade
H. both b and c
41. Which of these does not require prior inspection by SGS?
A. The Philippines
B. Indonesia
C. The United Kingdom
D. All A, B and C
42. In a contract, the word" whereas" means
A. only that"
B. ‘while'
C. when'
D. because' or 'considering that'
43. Export credit insurance is very attractive; however, it has certain limitations like....
A. high premiums paid by the exporter.
B. long time waiting for compensation from the insurance company

C. long time since the buyer fails to pay up to the time the insurance company
compensates the exporter and the inability of covering 100% of the original
invoice price.
D. Refusal from the insurance company to quote premiums due to risky business or
the buyers non-creditworthiness
44. Why do most exporters offer a discount for early payment, for example a 1% discount
if payment is made within 10 days of the date of invoice?
A. Because the discount is so attractive to the buyer
B. Because the buyer can save on the invoice price
C. Because the exporter can substantially improves his cash flow
D. Because the exporter just wants to get payment on delivery
45. If the buyer come from a country which has poor reputation for enforcing awards, the
best methods of payment under the contract is a/ an…..
A. Revolving L/C
B. At sight, confirmed L/C
C. Deferred, irrevocable L/C
D. Transferable L/C
46. Who issues bank guarantee?
A. The buyer
B. The exporter
C. Any third party
D. A bank
47. Inspection by the buyer is called:
A. Independent inspection
B. Inspection of goods prior to the shipment
C. Open package inspection
D. Customs inspection
48. Which of the following discrepancy is NOT the problem with insurance?
E. Document are not presented with the required time
F. The sum insured below the figure required

G. the insurance risks are not those specified in the credit
H. A certificate of insurance is produced while the credit calls for a policy
49. A contract requiring an exporter in Mozambique to deliver the contract goods Beira
Mozambique for the shipment by sea to Da esSallamTazania
A. FAS Beira
B. CIF Beira
C. FOB Da es Salaam


50. There is no connection between the letter of credit and the sales contract. Right or
wrong?
A. Completely right
B. Completely wrong
C. It depends
D. The buyer and the buyer may agree that all the term in their sales contract must be
stated in the L/C