Which instrument enables the seller's bank to just act as an agent for collection of the due amount from the buyer?
A) Confirmed letter of credit
B) Advised letter of credit
C) Negotiable bill of lading
Which of the following occurs when a buyer,after having a reasonable opportunity to inspect them,either indicates that he will take them or fails to reject them?
A) Rejection of goods
B) Assignment of goods
C) Revocation of rights
D) Acceptance of goods
Under a(n)_____,the seller's bank agrees to assume liability on the letter of credit.
A) confirmed letter of credit
B) advised letter of credit
C) negotiable bill of lading
D) revocable letter of credit
Bobby goes to buy a CD player from Sammy's Electronics.In testing one model,Bobby notices that the "scan" function does not allow scanning once a selection from a CD is playing.Bobby purchases the model despite this without mentioning the defect to Sammy.Bobby takes the CD player to his office where he uses it for three months before deciding that he wants to return it.Under these circumstances:
A) Bobby has rejected the CD player.
B) Bobby has accepted the CD player.
C) if Bobby informs Sammy of the defect now,he can reject the CD player.
D) a court will not consider Bobby to have accepted the CD player because it is defective.