IBLshortquestions

IBLshortquestions
Short Questions
1. What are the main differences between the Continental Law System and the Anglo-American Common Law System?
2. What are the requirements of an effective offer and a valid acceptance?
3. What are the rules of consideration?
4. Briefly state different situations of insufficient will, i.e., mistake, fraud, duress, undue influence, grossly unfair, etc., and their requirements and legal consequences in different law systems.
5. Compare and contrast different remedies for breach in different law systems.
6. Explain what is Force Majeure, and state how it should be listed in a contract.
7. What are the classifications of Charter Party?
-Time charter party
-Voyage charter party
-Demise or bareboat charter
8. What are the three main functions of Bills of Lading?
(1) As evidence of the contract of carriage
(2) As a receipt of goods received
(3) As a document of title to goods
9. What could be the problems relating to the Bill of lading?
Problems relating to the date: anti-dated bill of lading
Problems of incorrect description of cargo: an unclear B/L is issued as a clear B/L with the consignor’s letter of indemnity Problems of misdelivery of goods
10. What are the Carrier’s main Obligations?
1. The Seaworthiness of the Ship: the ship is reasonably fit to encounter the “perils of the sea”and the vessel shall be properly be manned, equipped and supplied to make the goods fit and safe for their reception, carriage and preservation.
2. The Management of the Goods: the carrier shall exercise due diligence to properly and carefully load, handle, stow, carry, keep, care for, and discharge the goods carried.
3. Commencement of V oyage: the ship shall be ready to load the cargo and commence the voyage agreed on without undue delay and shall also complete the voyage with all reasonable dispatch.
4. Non-deviation of Voyage: the ship shall carry out the voyage by the prescribed or usual route in the customary manner, exce pt the case of “reasonable deviation”.
5. Dangerous goods not to be Shipped
11. Please list out all the types of Insurance Policy
(1) Valued policy
(2) Voyage policy
(3) Time policy
(4) Floating policy
(5) Open policy
12. What is the principle of Proximate Cause?
13. What is the principle of indemnity?
14. What does Principle of autonomy mean in the letter of credit?
15. What does Strict compliance mean in the letter of credit?
16. Please describe the process of letter of credit transaction (9 steps)
Buyer and seller agree to terms including means of transport, period of credit offered (if
any), and latest date of shipment acceptable.
Buyer applies to bank for issue of letter of credit. Bank will evaluate buyer's credit
standing, and may require cash cover and/or reduction of other lending limits.
Issuing bank issues LC, sending it to the Advising bank by airmail or electronic means
such as telex or SWIFT.
Advising bank establishes authenticity of the letter of credit using signature books or test
codes, then informs seller (beneficiary).
Seller should now check that LC matches commercial agreement and that all its terms and
conditions can be satisfied.
Seller ships the goods, then assembles the documents called for in the LC (invoice,
transport document, etc.).
The Advising bank checks the documents against the LC. If the documents are compliant,
the bank pays the seller and forwards the documents to the Issuing bank.
The Issuing bank now checks the documents itself. If they are in order, it reimburses the
seller's bank immediately.
The Issuing bank debits the buyer and releases the documents (including transport
document), so the buyer can claim the goods from the carrier.
17. What are the seller’s and buyer’s obligations as CISG regulated?
Obligations of Seller
1. Delivery of the Goods: place, transportation, insurance, time
2. Delivery of documents:B/L, Insurance Policy, Commercial Invoice, Consular Invoice, Certificate of Origin, Weight Certificate, Inspection Certificate of Quality, etc.
3. Conformity of the Goods:The seller must deliver goods which are of the quantity, quality and description required by the contract and which are contained or packaged in the manner required by the contract.
4. Assurance of the Ownership of the Goods: The seller must deliver goods which are free from any right or claim of a third party
5. Time for Examine Goods and Notice of Defect: time and place; institution; certificate;
etc. & When does the buyer loses the right to examine
Obligations of Buyer
1. Payment of the Price
2. Taking delivery of the goods
18. What are the Seller’s Remedies under CISG?
1. Specific performance
2. Avoidance of the contract
3. Missing specifications (See P. 159-164, 373-374)
19. What are the rules of general average?
General average requires a general average act when, and only when, any extraordinary sacrifice or expenditure is intentionally and reasonably make or involved for the common safety of the purpose of preserving from peril the property involved in a common maritime adventure. Therefore, the following rules are required when defining general average: –Both vessel and goods are in risk
–Risk must be real
–Sacrifice / expenditure is extraordinary
–Action is taken intentionally
–Action taken is reasonable
–Action taken is effective
20. Who are the parties to a bill of exchange? Explain their main task.
(1) Acceptor: the party to whom a bill of exchange is addressed and who accepts a bill of exchange drawn on him.
(2) Drawee: the party to whom the bill of exchange is addressed, who is required to pay the stipulated sum of money at a specified future date to the payee named on the bill or to bearer.
(3) Drawer: the party who issues the bill, who makes the order for the bill to be accepted and paid.
(4) Endorser: the party signing on the reverse of the bill as confirmation of purchase and title to the bill.
(5) Payee: the person to whom the face value of a bill of exchange is to be paid.。