The Governing Convention on Shipping Terms and Responsibilities Involved in International

question 13

True/False

The governing convention on shipping terms and responsibilities involved in international transportation is called ITAPS International Transport and Payment Specifications.)

---

Definitions:

Promissory Estoppel

A legal principle that prevents a party from going back on a promise, even if the promise was not formally agreed upon, if the other party has relied on that promise to their detriment.

Adequate Consideration

Sufficient value or compensation exchanged between parties in a contract, making the agreement legally binding.

Detriment

A state of being harmed or damaged, often used in legal contexts to describe loss or injury.

Adequacy of Consideration

Refers to a legal assessment of whether the consideration (value) given in exchange for a promise or for performance in a contract is fair and reasonable.