INCOTERMS Final Exam Newest Exam
Preparation With Complete Questions And Correct
Answers With Rationales | Already Graded
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TWO INCOTERMS ADDED
ANSWERS: DAT(delivered at terminal) AND DAP (delivered at place)
If Incoterms aren't laws, how can they be enforced between an exporter
in one country and an importer in another?
ANSWERS: when a trade term is referenced in a contract, that term
takes on the force of law and any questions regarding delivery of the
goods will be interrupted pursuant to the Incoterms rules
In a contract for sale between a seller and buyer Incoterms do not
cover
ANSWERS: title of transfer, payment terms, remedies for breach of
contract, any other non-delivery related clause in a comprehensive sales
contract
,there is big difference between who is responsible for the well being of
goods in transit and who
ANSWERS: actually owns them
clarity to the meaning of delivery
ANSWERS: link it directly to the transfer of risk of loss or damage to the
goods
delivery and risk transfer occur in the
ANSWERS: same place and should be considered synonymous
Each Incoterms rule has: (6)
ANSWERS: 1. scope 2. modality 3. syntax 4. responsibility of exporter 5.
responsibility of importer 6. specific transfer point at which the
responsibilities for the goods shift from the exporter to the importer
Shipment Contracts
ANSWERS: F and C terms- The seller's obligation is always completed in
the country of export, but depending on the term, the seller may have
to pay
shipping costs up to a named point at destination
,F-Category
ANSWERS: the seller's transportation expenses are limited to those costs
incurred in the country of export
inland freight or loading on board a vessel would be which terms (letter)
ANSWERS: F
C-Category
ANSWERS: the seller is obliged to assume transportation costs up to a
named port or place at destination
C Terms Important Note
ANSWERS: the physical point in the supply chain where the shift of risk of
loss or
damage to the goods is completed and responsibility for shipping costs
ends is not in the same place
F Terms (3)
ANSWERS: FCA, FAS, FOB
, C Terms (4)
ANSWERS: CFR, CIF, CPT, CIP
Arrival Contracts
ANSWERS: D terms-the seller is responsible for risk or loss or damage
to the goods up to a named point at destination and must always pay
transportation costs up to that named point
D Terms
ANSWERS: DAT, DAP, DDP
DAP
ANSWERS: delivered at place
Preparation With Complete Questions And Correct
Answers With Rationales | Already Graded
A+||Brand New Version!! B\S
TWO INCOTERMS ADDED
ANSWERS: DAT(delivered at terminal) AND DAP (delivered at place)
If Incoterms aren't laws, how can they be enforced between an exporter
in one country and an importer in another?
ANSWERS: when a trade term is referenced in a contract, that term
takes on the force of law and any questions regarding delivery of the
goods will be interrupted pursuant to the Incoterms rules
In a contract for sale between a seller and buyer Incoterms do not
cover
ANSWERS: title of transfer, payment terms, remedies for breach of
contract, any other non-delivery related clause in a comprehensive sales
contract
,there is big difference between who is responsible for the well being of
goods in transit and who
ANSWERS: actually owns them
clarity to the meaning of delivery
ANSWERS: link it directly to the transfer of risk of loss or damage to the
goods
delivery and risk transfer occur in the
ANSWERS: same place and should be considered synonymous
Each Incoterms rule has: (6)
ANSWERS: 1. scope 2. modality 3. syntax 4. responsibility of exporter 5.
responsibility of importer 6. specific transfer point at which the
responsibilities for the goods shift from the exporter to the importer
Shipment Contracts
ANSWERS: F and C terms- The seller's obligation is always completed in
the country of export, but depending on the term, the seller may have
to pay
shipping costs up to a named point at destination
,F-Category
ANSWERS: the seller's transportation expenses are limited to those costs
incurred in the country of export
inland freight or loading on board a vessel would be which terms (letter)
ANSWERS: F
C-Category
ANSWERS: the seller is obliged to assume transportation costs up to a
named port or place at destination
C Terms Important Note
ANSWERS: the physical point in the supply chain where the shift of risk of
loss or
damage to the goods is completed and responsibility for shipping costs
ends is not in the same place
F Terms (3)
ANSWERS: FCA, FAS, FOB
, C Terms (4)
ANSWERS: CFR, CIF, CPT, CIP
Arrival Contracts
ANSWERS: D terms-the seller is responsible for risk or loss or damage
to the goods up to a named point at destination and must always pay
transportation costs up to that named point
D Terms
ANSWERS: DAT, DAP, DDP
DAP
ANSWERS: delivered at place
