The Bank That Is Responsible for Inspecting the Documents to Be

question 11

Multiple Choice

The bank that is responsible for inspecting the documents to be sure they are in order,remitting payment to the seller,and negotiating the documents to the buyer is called:

• A) issuing bank.
• B) negotiating bank.
• C) advising bank.
• D) lading bank.

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Definitions:

Duty Of Obedience

The requirement for directors, officers, and agents of a corporation to act within the scope of their authority and in the best interest of the corporation.

Unauthorized Contract

A contract made by a person who lacks the authority to do so, potentially making it unenforceable against the presumed principal.

Torts

Civil wrongdoings recognized by law as grounds for a lawsuit, resulting in injury or harm to someone and constituting the basis for a claim by the injured party.

Misrepresent

To provide false or misleading representation of facts, often with the intention to deceive.