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WAEC Commerce 2014 Question 40

Question 40

Foreign Trade Documents

A system of buying goods by an agent where the supplier is determined by the principal is

  1. A.tied shop.
  2. B.closed indent.
  3. C.open indent.
  4. D.ring trading.
Show the answer and explanation

Answer: B (closed indent.)

Explanation

In a closed (specific) indent the importer names the supplier; in an open indent the agent chooses.