UCC article 5 & 7

Question 0

Domestic letters of credit are revocable and international letters of credit are irrevocable unless

Answer 0

Otherwise stated or agreed

Question 1

Letters of credit are generally not transferable to

Answer 1

Third parties

Question 2

When the carrier is without receipt of a bearer document of title the carrier is liable for

Answer 2

Misdelivery

Question 3

When a document is forged it is

Answer 3

Nonnegotiable

Question 4

When a bill of laden is in possession of a company and marked delivery to bearer the company may

Answer 4

Negotiate/transfer to another by delivery alone and the signature is not needed.

Question 5

Under a nonnegotiable bill of laden the shipment goes from the carrier to the

Answer 5

Consigned of the bill of laden. Consigned is the party whom the carrier has promised to deliver the goods in the bill of lading.

Question 6

A negotiable document becomes duly negotiable when the holder who takes the doc for value

Answer 6

In good faith without notice of any defense or claim to it.

Question 7

A warehouse receipt to be effective must have the following

Answer 7

Location of the warehouse where the goods are stored

Goods will be delivered to the bearer to a specific person or a specified person or his/her order