The internationally accepted standard definitions for terms of sale set by the International Chamber of Commerce (ICC) which set out the responsibilities of the buyer and the seller in export transactions and identifies when ownership of goods passes from seller to buyer are called:
A) INCOTERMS
B) G-TERMS
C) ICC-TERMS
D) EX-TERMS
E) O-TERMS

Question

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The acronym INCOTERMS stands for International Commercial Terms and refers to the set of internationally accepted standard definitions for terms of sale set by the International Chamber of Commerce (ICC). INCOTERMS set out the responsibilities and liabilities of the buyer and seller in export transactions, including the transfer of ownership of goods.

The Internationally Accepted Standard Definitions for Terms of Sale Set