A Trade Acceptance, When Immediate Payment Is Not Required, Is

question 52

Multiple Choice

A trade acceptance, when immediate payment is not required, is a(n)

• A)sight draft.
• B)time draft.
• C)bill of lading.
• D)open account.

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Definitions:

Independent Agent

An individual or entity contracted to perform tasks or services for another entity while retaining control over their work methods.

Breach

The violation or non-fulfilment of a legal obligation, contract, or duty.

Fiduciary Duty

The responsibility to act in the best interests of another party, such as in financial matters or care, characterized by trust, reliance, and a duty of care.

Commission

A fee paid to an agent or employee for facilitating a sale or for performing a service.