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TACN4 > Gap filling Chapter 1 > Flashcards

Gap filling Chapter 1 Flashcards

1
Q

Ex 1 How to fix the date of delivery
- The date of delivery may be a simple …. date
- If approvals or certificates are required, the contract may have two starting dates: the date of …. and the date of …. into force; delivery is fixed for a number of days after coming into force.
- if the contract has not come into force by a certain date - no ….

A

CALENDAR
SIGNATURE
COMING
DELIVERY

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2
Q

Ex 2 What is the place of delivery
- Delivery is the point at ….. Passes from the seller to the buyer
- Delivery may take place at any agreed …. Along the transportation route

A

WHICH RISK
POINTS

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3
Q

Ex 3 Incoterms allow the contract to start the place of delivery simply
- Delivery of the Goods shall be … FOB (Mombasa)
- For F-terms and C-terms this is the place of ….
- A common …. Allows the seller to the deliver under an FOB contract even if the importer’s ship ….To arrive. The seller delivers instead to a …. warehouse at the ….

A

MADE
SHIPMENT
MODIFICATION
FAILS
BOUNDED

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4
Q
  • Failure to perform by one side allows the other to seek a …. remedy
  • Courts in Continental (civil) law countries order …. first, with ….
    If performance is impossible (as in the case of late delivery)
  • Courts in Anglo-American (common) law countries ….. Damages first with specific …. only if an award of ….. Does not fully …. The situation
A

LEGAL
PERFORMANCE
DAMAGES
AWARD
SPECIFIC
DAMAGES
CORRECT

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5
Q

Figure for ……. damages may be ……. before loss occurs, or ….. a ….. sum fixed before loss occurs is payable as ……

A

COMPENSATORY
FIXED
AFTERWARDS
PRE-CALCULATED
LIQUIDATED DAMAGES

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6
Q
  • If the parties must wait for the contract to become ………, the delivery date often ……….. on the …… of coming into force
A

EFFECTIVE
DEPENDS
DATE

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7
Q
  • Some contracts (especially fixed-price contracts) set a ……… Date after which the contract cannot come into ………
A

CUT-OFF
FORCE

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8
Q
  • A ……. period is sometimes used to …….. Early delivery
A

GRACE
FACILITATE

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9
Q
  • Sometimes delay in delivery is caused by a ……… event,i.e, an event beyond the control of the exporter.
A

FORCE MAJEURE

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10
Q
  • A force majeure clause often ……….. The exporter of his ………. To deliver until the force majeure event is over
A

RELIEVES

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11
Q
  • If the force majeure event continues for too long, both parties should have the the right to ……… The contract
A

TERMINATE

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12
Q
  • Late delivery causes loss to the buyer - loss that must be …….
A

COMPENSATED

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13
Q

To avoid the cost and ……….. Of legal ………………, many contracts …………… In advance the ………. For late delivery

A

UNCERTAINTY
PROCEEDINGS
REGULATE
COMPENSATION

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14
Q

Many export contracts cannot “come into force” (become effective) until certain ……………… (for example, government approvals) are met.

A

PRECONDITIONS

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15
Q

Loss caused by late delivery is not easily quantified, so ………….. Compensation is normal. The lump-sum may be set too high (…………), about right (………..), or too low (………………) The motive behind the penalty is to ……………… One party into full performance.

A

LUMP-SUM
PENALTY
LIQUIDATED DAMAGES
QUASI-INDEMNITY
TERRORIZE

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16
Q

A ……. is not enforceable in Anglo-American courts, though the quasi indemnity is usually ……..

A

PENALTY
ENFORCED

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17
Q

The contract should……………………. the type of packaging and the shipping marks agreed by the parties.

A

SPECIFY

18
Q

On delivery, the exporter receives from the carrier the most important of all the……………………. documents, the bill of lading (or consignment note).

A

SHIPPING

19
Q

Each mode of transport has a ………………….. shipping document: the marine bill of lading, the air waybill, the rail consignment note, and the road consignment note are the most common. Combined transport (container transport) uses a combined transport bill of lading.

A

CHARACTERISTIC

20
Q

The marine bill of lading, to be acceptable as a shipping document under a letter of credit, must bear the notation that the goods have been shipped on board a……………………. vessel.

A

NAMED

21
Q

“Payment under a letter of credit depends largely on the……………………. of the shipping documents.”

A

CORRECTNESS

22
Q

Payment under a letter of credit may be delayed if the letter of credit repeats exactly the contractual packaging requirements but the exporter has……………………. to meet them.

A

FAILED

23
Q

“8. The carrier will note any ………………….. in the packaging, weight or general appearance of the goods on accepting them from the exporter. (The carrier does not inspect the goods themselves, only the packaging.)”

A

DEFECTS

24
Q
A
25
Q

“In CIF and CIP contracts, the exporter must pay for insurance from
……………………..to the named point of arrival.”

A

PORT OF DELIVERY

26
Q

The insured can make three kinds of arrangement with the insurer: the tailor-made policy,……………………. and the open cover.

A

THE FLOATING POLICY

27
Q

The main principle of insurance is …………………..

A

UTMOST GOOD FAITH

28
Q

“A……………………. has three variant clauses: Cargo Clauses A, B and C.
Clause A covers anything not excluded; clauses B and C exclude anything not expressedly covered.”

A

MARINE

29
Q

A “held covered” clause offers some protection against …………………..

A

MISDECRIPTION

29
Q

……………..issues Incoterms to standardize delivery procedures.

A

ICC

30
Q

The place (and time) of delivery must be unambiguously agreed because many contract events (including payment and transfer of risk and title) are …. to delivery.

A

TIED

31
Q

CIF and CIP contracts are especially confusing since they name the point of destination, e.g., CIF (Lagos). Lagos, in this example, is the point to which the exporter is responsible for costs, not the ……… of delivery.

A

DATE

32
Q

Property,legal or………………1 in any goods supplied by the seller shall …. To the buyer only when the seller has received …. Payment for all … then …. By the buyer to the ….

A
33
Q

Goods in respect of which ….. Has remained with the seller shall be kept ….. As those of the seller, and the buyer shall at its ….. Immediately return such goods to the seller, or …. The seller enters into the buyers ….. To collect such goods …… the seller so request

A
34
Q

Ownership of goods in a foreign country is often of no …… value; therefore; many contracts stipulate: Title to the goods shall pass with …..

A

PRACTICAL
RISK

35
Q

The seller usually insures up to the point of ……. ; the buyer …….

A

DELIVERY
THEREAFTER

36
Q

Under CIF and CIP contracts, the seller must pay insurance from point of delivery to an agreed ….. .This insurance(under Incoterms)is minimum ……. CargoClauseC-unless the parties agree OTHERWISE

A

DESTINATION
COVERAGE

37
Q

Although the seller pays for insurance ; the risk is entirely the …..

A

BUYER

38
Q

Delivery of the Goods shall be made <INCOTERM>. The ....................... 9 date of Delivery shall be <DATE>. Risk and ................... 10 to the Goods shall pass from the SELLER to the BUYER on ........................ 11</DATE></INCOTERM>

A

SCHEDULED
TITLE
DELIVERY

39
Q
A

TACN4 (8 decks)

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