When a Bill of Lading Is Used to Obtain Payment

question 36

Multiple Choice

When a bill of lading is used to obtain payment or a written promise of payment before the merchandise is released to the importer, it serves as a

• A) document of title.
• B) contract.
• C) receipt.
• D) time draft.
• E) collateral.

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Definitions:

Thomas Paine

A political activist and writer whose works, including "Common Sense" and "The American Crisis," were influential in the American Revolution and the promotion of democratic ideals.

Benedict Arnold

An American military officer who served during the Revolutionary War before defecting to the British side in 1780, becoming synonymous with betrayal.

American Ally

A country that is in a mutual agreement with the United States to support each other, especially in terms of defense and international policy.

Battle of Saratoga

A pivotal series of engagements in 1777 during the American Revolutionary War, which resulted in a decisive victory for the American forces and significantly boosted their morale.