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WAEC Commerce 1997 Question 49

Question 49

Foreign Trade Documents

Which of the following are true of a bill of lading?
I. It is a means of payment in foreign trade
II. It is a document of title to goods
III. It is a contract of carriage
IV. It is usually drawn in triplicate

  1. A.I and III only
  2. B.I, II and III only
  3. C.II and III only
  4. D.II and IV only
  5. E.II, III and IV only
Show the answer and explanation

Answer: E (II, III and IV only)

Explanation

A bill of lading is a document of title and a contract of carriage, usually in sets of three; it is not a means of payment.