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- 1. Multiple ChoiceCIF Southampton: Goods are put on a train for carriage to a river port for carriage by barge to an ocean port in HollandThe transfer of risk takes place at the river portThe transfer of risk takes place at the ocean portThe transfer of risk takes place at the trainNone of the above
- 2. Multiple ChoiceIn DPU the seller owes the buyer a duty to contract for the carriage of the goodsTrueFalse
- 3. Multiple ChoiceIn CIP the seller owes the buyer a duty to insure the goods in transitTrueFalse
- 4. Multiple ChoiceIn _____, the seller must engage an ocean carrier.DDPEXWFOBCIP
- 5. Multiple ChoiceDAT is now named as DPU, emphasizing that the place of destination could be any place and not only a "terminal"TrueFalse
- 6. Multiple ChoiceIn ____ and ____, the seller must assist the buyer with import clearanceDDP and CPTCPT and DPU
DPU and DDP
EXW and DDP - 7. Multiple ChoiceIn which of the following incoterm rules does the seller deliver the goods to the buyer by handling them over to the carrier?CIPEXWDDPFOB
- 8. Multiple ChoiceIn which of the following incoterm rules does the seller deliver the goods to the buyer by placing the goods at the disposal of the buyer?EXWFCAFASFOB
- 9. Multiple ChoiceWhich of these modes do not apply to multi-modal transport?FCAFASCIPCIF
- 10. Multiple ChoiceWhich of these modes are applied to sea and inland waterway transport only?CFRCPTFASFCA
- 11. Multiple ChoiceWhich of these rules imposes the least set of obligations on the seller?EXWDPUDDPDAP
- 12. Multiple ChoiceWho will bear the risk of loss or damage to the goods during loading in EXW?BuyerSeller
- 13. Multiple ChoiceWho will make a contract of carriage in EXW?SellerBuyer
- 14. Multiple ChoiceWho must pay the costs of checking operations (like checking quality, measuring, weighing, counting) that are necessary for delivering the goods in EXW?BuyerSeller
- 15. Multiple ChoiceIn FCA, when the named place is another place, the seller delivers the goods when:when the goods are loaded on the means of transport arranged by the buyerwhen the goods are at the buyer's disposalwhen the goods are at the disposal of the carrier or of another person nominated by the buyer
when the goods are ready for loading to seller's means of transnport
- 16. Multiple ChoiceIn FCA, the seller has to clear the goods for transit through third countries.TrueFalse
- 17. Multiple ChoiceUnder these rules, which rules require the buyer to contract for carriage?FCACFRCPTDPU
- 18. Multiple ChoiceUnder FCA, who has to instruct the carrier to issue a transport document stating that the goods have been loaded and pay for it?BuyerSeller
- 19. Multiple ChoiceUnder FAS, if the vessel nominated by the buyer fails to take the goods, who will bear all risks of loss of or damage to the goods?BuyerSeller
- 20. Multiple ChoiceUnder these rules, which rules require the seller to contract for carriage?EXWFCAFASCFR
- 21. Multiple ChoiceUnder FOB, who will provide the proof that the goods have been delivered, provided that the proof is the transport document?BuyerSeller
- 22. Multiple ChoiceIn group F, who will bear the risk and cost of obtaining a transport document?SellerBuyer
- 23. Multiple ChoiceUnder FOB, what kind of notice does the buyer have to give the seller?notice of transport-related security requirements, the vessel name, loading pointselected delivery date (if any)notice that the goods have been deliveredtransport document
- 24. Multiple ChoiceUnder CFR, the seller delivers the goods to the buyer when:the goods are at the buyer's disposalhandling the goods to the carrierthe goods are on a barge/quaythe goods are on board the vessel
- 25. Multiple ChoiceUnder CFR, must the shipment port be named?YesNo
- 26. Multiple ChoiceUnder CFR, if the goods are transferred between different carriers for different legs of the sea transport, when does the risk transfer? (Provided that the parties have not made an agreement beforehand)when the goods are delivered to the first carrierwhen the goods are delivered to the last carrierwhen the goods are at the seller's premiseswhen the goods are at the buyer's premises
- 27. Multiple ChoiceUnder CFR, who must provide the other with transport document for the agreed port of destination?BuyerSeller
- 28. Multiple ChoiceUnder CFR, who must pay for unloading costs, unless otherwise stated in the contract?BuyerSeller
- 29. Multiple ChoiceUnder which rule is the seller required to obtain insurance cover complying with ICC ©, unless otherwise stated?CFRCIFCPTCIP
- 30. Multiple ChoiceWhat is the minimum cover of the insurance under CIF?10% price provided in the contract100% price provided in the contract110% price provided in the contract
- 31. Multiple ChoiceWhat is the minimum cover distance of the insurance under CIF?from the point of delivery to named port of destinationfrom the port of delivery to port of destinationfrom the port of delivery to place of destinationfrom the point of delivery to place of destination
- 32. Multiple ChoiceUnder CPT, the seller delivers the goods to the buyer when:the goods are at the buyer's disposalhandling the goods to the carrierthe goods are on a barge/quaythe goods are on board the vessel
- 33. Multiple ChoiceUnder CPT, when parties don't agree on a specific place or point of delivery:risk transfers when the goods have been delivered to the first carrier at a point entirely of the seller's choosing & over which the buyer has no controlrisk transfers when the goods have been delivered to the first carrier at a point entirely of the buyer's choosing & over which the seller has no control
- 34. Multiple ChoiceWhat is the minimum cover distance of the insurance under CIP?from the point of delivery to named port of destinationfrom the port of delivery to port of destinationfrom the port of delivery to place of destinationfrom the point of delivery to at least of destination
- 35. Multiple ChoiceUnder ___ and ___, the buyer bears the risk of losses (if any) while the goods are held up at the port of entry in the destination country if they fail to organize import clearance.DAP & DDPDDP & DPUDPU & DAP
CPT & DDP
- 36. Multiple Choice
Under ___ and ___, the seller must carry out and pay for all export & transit clearance formalities only.
DAP & DDPDDP & DPUDPU & DAPEXW & DAP - 37. Multiple ChoiceAll of the Incoterms that require the buyer to contract for carriage of the goods:EXW, FCA, CPT, CIPEXW, DAP, CFR, FASEXW, DDP, FOB, CPTEXW, FCA, FAS, FOB
- 38. Multiple ChoiceIn Incoterms 2020, the buyer can use their own means of transport in…FCA and EXWDAP and DDPDDP and DPUDPU and FAS
- 39. Multiple ChoiceThe Incoterms® rules are a set of International Commercial LawTrueFalse
- 40. Multiple ChoiceThe Incoterms® rules are not applicable to domestic trade transactions.TrueFalse
- 41. Multiple ChoiceThe Incoterms® rules address the transfer of property/title/ownership of the goods sold.TrueFalse
- 42. Multiple ChoiceIn FCA, the seller has to clear the goods for transit through third countries.TrueFalse
- 43. Multiple ChoiceThe Incoterms® rules are frequently excluded in GAFTA (Grain & Feed Trade Ass’n) contracts.TrueFalse
- 44. Multiple ChoiceIncoterms should be used as applicable law for the sale contracts.TrueFalse
- 45. Multiple ChoiceINCOTERMS® are not price clauses, but do have an impact on the pricing.TrueFalse
- 46. Multiple ChoiceWhich of these terms is suitable for domestic trade?EXWFCAFOBDDP
- 47. Fill in the BlankThe opening of a contract includes: ____ of contract, contract ___, ___ and ___, contract ___, definitions, preamble.
- 48. Multiple ChoiceWhich is not an example of type of contract?Export - Import contractSale/Purchase contractInternational sale of goods contractRice contract
- 49. Multiple ChoiceTerms and conditions of a contract do not include:Object-related termsFinance-related termsLegal-related termsInsurance termsNone is correct
- 50. Multiple ChoiceObject-related terms do not include:QualityWarrantyInspectionShipment
- 51. Multiple ChoiceAn example of transport-related terms is:ShipmentPacking and markingForce majeureInspection
- 52. Multiple ChoiceLegal-related terms are:Force majeureClaimArbitrationPayment
- 53. Multiple ChoiceFinance-related terms are:PricePaymentWarrantyInspection
- 54. Multiple ChoiceHow do we cite industrial products in a contract?Commodity + originCommodity + use/usageCommodity + main specificationsCommodity + brand name
- 55. Multiple ChoiceHow do we cite agricultural products in a contract?Commodity + originCommodity + use/usageCommodity + main specificationsCommodity + scientific nameCommodity + brand name
- 56. Multiple ChoiceWhich one is an example of commodity + main specifications?skinless whole dried squidhuman consumption wheat powderrice paste12-inch colored TV
- 57. Multiple ChoiceIn the quantity terms of a contract, they state: "500 MT ± 5% at the buyer’s option". What does "at the buyer's option" mean?the buyer has the right to pick up the tolerance amountthe seller has the right to pick up the tolerance amount
- 58. Multiple ChoiceWhat does "net of any tare" mean?semi net weightnet net weightgross weight for netlegal net weight
- 59. Multiple ChoiceAn example of a product with semi net weight?carton of milkpiece of candypackage of noodlesbox of medicine
- 60. Multiple ChoiceSteps to draft a quantity clause:Specific content -> method to determine quantity -> InspectionSpecific content -> inspection -> method to determine quantity
- 61. Multiple ChoiceHow many methods to base the "Quality" term on are there in a contract?5678
- 62. Multiple ChoiceWhen do we state product quality by description in a contract?standardized productsstandardized products with stable qualitynot standardized productsnot standardized products with rather stable quality
- 63. Multiple ChoiceWhen do we state product quality by the main ingredient/content in a contract?riceprocessed foodsmineschemicals
- 64. Multiple ChoiceWhen do we state product quality by prior inspection in a contract?mines, chemicals, processed foods…commodity with small quantity, not standardized like: liquidated goods, auctioned onesnot standardized products with quality rather stablecommodity with big quality and standardized
- 65. Multiple ChoiceChoice of methods to stipulate quality depends on:nature of goodstrade practicesrelevant power between the partiesinspection method
- 66. Multiple ChoiceWhich stipulation of quality inspection is the best option for the seller?Quality inspection is conducted at the seller’s countryQuality inspection is conducted by Company X at the seller’s countryQuality inspection conducted by Company X at the seller’s country is binding
- 67. Multiple ChoiceHow to draft a quality clause?Specific content -> method to determine quality -> Inspectiondefine good nature -> define good quality -> inspection of qualitydefine good quality -> inspection of qualityinspection of quality -> define good quality
- 68. Multiple ChoiceWhen do we have to stipulate unspecific time of delivery?when the seller has not finished producingwhen the buyer wants partial shipmentwhen we have to open the L/Cwhen we have to obtain export license
- 69. Multiple ChoiceWhat is not a basis to determine place of delivery?International commercial termsMeans of transportIntentions of parties in the contractNone is correct
- 70. Multiple ChoiceWhich Incoterms group do we need triple notices?Group EGroup FGroup CGroup D
- 71. Fill in the BlankSteps to draft a delivery term: applicable ___, ___ and ___ of delivery, ___ of delivery, delivery ___
- 72. Multiple ChoiceWhich factor does not necessarily affect the choice of price currency?parties' agreementcustomarybargaining position between seller and buyerexporting country
- 73. Multiple ChoiceA correct fixed price term is:Unit price: 250 USD/MTUnit price: 250 USD/MT, FOB Haiphong PortUnit price: 250 USD/MT, FOB Haiphong Port, including packaging.Unit price: 250 USD/MT, FOB Haiphong Port, Incoterms 2020, including packaging.
- 74. Multiple ChoiceWhen do we use deferred price?when price stands stillwhen the product have stable priceswhen there is inflationwhen price fluctuates and market power belongs to buyer
- 75. Multiple ChoiceHow do we state flexible price in a sales contract?time, place and how to identify pricestime, place, identification of price differencetime, place, identification of price difference and allowed tolerancegoods needs long time to produce and of high value
- 76. Multiple ChoiceHow do we draft a fixed price clause?price currency, unit priceprice currency and total priceunit price and total priceprice currency, unit price, total price and discount if available
- 77. Fill in the Blank3 timestamps of payment are:
- 78. Fill in the Blank3 modes of payment are:
- 79. Multiple ChoiceAdvance payment is:Payment made after the contract signing but before delivery datePayment shall be made x days after …
- 80. Fill in the BlankIn deferred payment, payment shall be made x days after: the _____ date, the date of _____, the date of _____, the date of ____
- 81. Multiple Choice"Right after the first shipment, the Seller shall pay 5% of the contract value." This is an example of:advance paymentdeferred paymentcombined time of paymentNone is correct
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