III. True or False. Just Write Down the answer. If a contract is concluded on CIF...

III. True or False.

Just Write Down the answer.

If a contract is concluded on CIF term, Incoterms 2010 is applicable even when the contract does not indicate to this effect.
Offer and counteroffer are two essential steps in international trade negotiation.
A buyer cable an acceptance to an offer, but requiring to change payment from D/P at sight to D/A. The seller kept silence. A contract could be established at this moment.
Any offer can be withdrawn if the withdrawal reaches the offeree before an acceptance is dispatched.
An offer is accepted only if there is no alteration.
In accordance with the international practice, unless the contract stipulates otherwise, the more or less part will be priced at the contract rate.
Under CIF the seller has to effect insurance, therefore he has to bear the risk during the ocean transport.
A bill of exchange is a conditional order in writing.
“Dishonor” means the refusal to the acceptance or payment of a duly presented draft.
A promissory note is a promise of payment by the maker.

Expert Solution

Ans)- i) If a contract is concluded on CIF term, Incoterms 2010 is applicable even when the contract does not indicate to this effect.(False)

ii) Offer and counteroffer are two essential steps in international trade negotiation.(True)

iii) A buyer cable an acceptance to an offer, but requiring to change payment from D/P at sight to D/A. The seller kept silence. A contract could be established at this moment. (True)

iv) Any offer can be withdrawn if the withdrawal reaches the offeree before an acceptance is dispatched.(True)

v) An offer is accepted only if there is no alteration.(True)

vi) In accordance with the international practice, unless the contract stipulates otherwise, the more or less part will be priced at the contract rate.(True)

vii) Under CIF the seller has to effect insurance, therefore he has to bear the risk during the ocean transport.(True)

viii) A bill of exchange is a conditional order in writing.(False)

ix) “Dishonor” means the refusal to the acceptance or payment of a duly presented draft.(True)

x) A promissory note is a promise of payment by the maker.(True)

Rahul Sunny answered 2 years ago

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