Theory question 106
Foreign Trade DocumentsCommerce 2 (answer five questions)
(a) List five documents used in foreign trade.
(b) Explain five conditions under which an agency may be terminated.
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(a) Any five: indent (order); letter of credit; bill of lading; consular invoice; certificate of origin; bill of entry; shipping note; export licence/import licence; mate's receipt; ship's manifest; marine insurance policy/certificate; bill of exchange; dock warrant; pro forma invoice; Form M.
(b) Any five, explained: by agreement of principal and agent; completion of the task (performance) for which the agent was appointed; expiry of the agreed period; revocation by the principal or renunciation by the agent (with notice); death of either party; insanity of either party; bankruptcy of the principal (or of the agent); destruction of the subject matter; the business becoming illegal (frustration); breach of duty by the agent.
(a) only needs names; (b) needs a sentence on each condition.