EXPORT AND IMPORT MANAGEMENT

MBA617 Import/Export Management - Quiz II



April 13, 2012

MBA617 Import/Export Management - Quiz II

Indicate the correct answer on the Answer Sheet (separate document) and upload onto Moodle.

1. A Purchase Agreement has all the following characteristics except:

a. Provides an offer and acceptance

b. It is not a formal contract governed by law

c. Acts as a written checklist for the buyer and the seller

d. Can be confirmed with an exchange of documents (such as purchase order and purchase

order acceptance)

2. “Conduct” is an implied agreement where seller ships with only a purchase order.

a. Trueb. False



3. This is the most important document for the importer:

a. Purchase Agreement b. Commercial Invoice c. Certificate of Origin d. Power of Attorney

4. A Purchase Order (P.O.) is issued by the seller.

a. Trueb. False

5. All of the following are true about the Purchase Order Acceptance or Sales Confirmation except:

a. May include terms and conditions not included in the Purchase Order.

b. May state that the order is accepted and no further communication is required.

c. Buyer is obligated to Purchase Order Acceptance terms and conditions once order is produced

and shipped even if different from Purchase Order.

d. No Purchase Order Acceptance of Sales Confirmation is required if a Purchase Order

Acknowledgement is provided.

6. All of the following are true regarding a comprehensive agreement for on-going purchase transactions except:

a. Quantity is enforceable if a price is determined even if the price varies over time.

b. Provides an “umbrella” or “blanket” agreement which governs buyer/seller relationship over a

period of time.

c. Defines rights and obligations of both parties.

d. All of the above are true.

For #7 - #11 below, match the correct Purchase Transaction Provision to the statement. Some provisions may be used more than once; some may not be used at all:

a. Export Licenseb. Preshipment Inspections

c. Governing Lawd. ...