The Incoterms Definitions Will Automatically Become a Part of a Contract

question 60

True/False

The Incoterms definitions will automatically become a part of a contract for the sale of goods,governed by the UN Convention for the International Sale of Goods.

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Definitions:

Equivalent Payments

Alternative payments that will result in the same future value at a later date.

Obligation

A duty or commitment to fulfil an act, usually as part of a contract or by law, such as the repayment of a loan.

Equal Payments

A series of identical payments made over a set period, commonly used in loans and installment purchases.

Overdrawn

A situation where an account has a negative balance due to the account holder spending more money than what is available in the account.