A Shipping Document Which Serves as Acknowledgement of Receipt of Goods

question 51

True/False

A shipping document which serves as acknowledgement of receipt of goods for delivery by a freight carrier is referred to as a bill of lading.

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Definitions:

Nonnegotiable

Nonnegotiable refers to something that cannot be negotiated or altered, such as a fixed term in a contract or a financial instrument with terms that cannot be changed.

Without Recourse

This refers to a provision in an agreement that exempts the seller from liability or obligation to the buyer in case of some failure on the part of the products or services sold.

Negotiability

Refers to the feature of a financial instrument which allows it to be transferred from one party to another in a legal manner, typically without endorsement or delivery.

Blank Indorsement

A signature by the holder on the back of a negotiable instrument, such as a check, without specifying a particular endorsee, thereby making the instrument payable to the bearer.