The Trade Terms "FOB" and "CIF" Are Defined by Which

question 2

Multiple Choice

The trade terms "FOB" and "CIF" are defined by which of the following:

• A) Incoterms .
• B) Uniform Commercial Code.
• C) The Revised American Foreign Trade Definitions.
• D) All of the above.

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Definitions:

Fiduciary Duty

Obligates an individual or organization to act in the best interest of another party, such as a trustee for beneficiaries.

Good Faith

The honest intent to act without taking an unfair advantage over another party in a transaction.

Security Interest

A legal claim or lien on property, both personal and real, granted to secure the performance of an obligation, usually the repayment of a debt.

Future Inventory

Goods or materials that a company plans to acquire or produce for sale in the future.