key_to_Uit_11.docVIP

Unit 11 Payment of Goods Key I. True or false 1.?????? T 2.?????? T 3.?????? F? this is a discrepancy between the contract and the covering L/C. 4.?????? T 5.?????? F? this “ more or less “ tolerance does not apply when” the Credit stipulates the quantity in terms of a stated number of packing units or individual items. 6.?????? F? according to article 42of the UCP 500, a freely negotiable credit does not need to “ stipulate a place for negotiation.” 7.?????? F? article 43of the UCP 500 also states :”厖.if no such period of time is stipulated, banks will accept厖f”. Here the L/C stipulated an expiry date of the L/C, the presentation of documents, therefore, should not exceed that date (September 15) 8.?????? T 9.?????? F? article 11 of the UCP 500 reads :” if a bank uses the services of an Advising Bank to have the Credit advised to the Beneficiary, it must also use the services of the same bank for advising an amendment. 10.?? T 11. T 12.? F? on CFR,CPT or FOB terms, it is the buyer who must insure the goods and pay the insurance premium involved. 13.??F? according to Item of article 13 of the UCP 500:” documents which appear in their face to be inconsistent with one another will be considered as not appearing on their face to be in compliance with the terms and conditions of the Credit ,” discrepancies between the documents themselves are not allowed. 14.???F? banks won’t refused to effect payment, as is stated in article 13 of the UCP 500,” documents not stipulated in the Credit will not be examined by banks. If they receive such documents, they shall return them to the presenter or pass them on without responsibility.” 15.???F? the time allowed for examining and negotiating the documents is seven banking days, as is indicated in article 13(b)of the UCP 500:” the Issuing Bank 厖.shall each have a reasonable time, not to exceed seven banking days following the day of receipt of the documents, to examine the documents and determine whether to tale up or refuse the do