Purchase Contract: It is a legal contract which puts an obligation on buyer to buy the product or services. Purchase contracts are found in most type of businesses but here it relates to import-export of goods. Shipping Terms: It means the conditions based on which a consignment will be transported from one country to another. It can be like terms regarding payment of freight, transfer of title, cost, insurance, freight (CIF) contract, free on board (FOB) contract. Freight-in Cost: The cost which is to be incurred in relation to transportation of consignment. It depends upon the nature of contract. To Explain: The types of shipping terms the buyer should negotiate to minimize freight-in cost.

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Answer 1

Question

Chapter 4, Problem 15DQ

To determine

Purchase Contract: It is a legal contract which puts an obligation on buyer to buy the product or services. Purchase contracts are found in most type of businesses but here it relates to import-export of goods.

Shipping Terms: It means the conditions based on which a consignment will be transported from one country to another. It can be like terms regarding payment of freight, transfer of title, cost, insurance, freight (CIF) contract, free on board (FOB) contract.

Freight-in Cost: The cost which is to be incurred in relation to transportation of consignment. It depends upon the nature of contract.

To Explain: The types of shipping terms the buyer should negotiate to minimize freight-in cost.

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Answer 2

Question

Chapter 4, Problem 15DQ

To determine

Purchase Contract: It is a legal contract which puts an obligation on buyer to buy the product or services. Purchase contracts are found in most type of businesses but here it relates to import-export of goods.

Shipping Terms: It means the conditions based on which a consignment will be transported from one country to another. It can be like terms regarding payment of freight, transfer of title, cost, insurance, freight (CIF) contract, free on board (FOB) contract.

Freight-in Cost: The cost which is to be incurred in relation to transportation of consignment. It depends upon the nature of contract.

To Explain: The types of shipping terms the buyer should negotiate to minimize freight-in cost.

Expert Solution & Answer

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Answer 3

Question

Chapter 4, Problem 15DQ

To determine

Purchase Contract: It is a legal contract which puts an obligation on buyer to buy the product or services. Purchase contracts are found in most type of businesses but here it relates to import-export of goods.

Shipping Terms: It means the conditions based on which a consignment will be transported from one country to another. It can be like terms regarding payment of freight, transfer of title, cost, insurance, freight (CIF) contract, free on board (FOB) contract.

Freight-in Cost: The cost which is to be incurred in relation to transportation of consignment. It depends upon the nature of contract.

To Explain: The types of shipping terms the buyer should negotiate to minimize freight-in cost.

Expert Solution & Answer

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Answer 4

Question

Chapter 4, Problem 15DQ

To determine

Purchase Contract: It is a legal contract which puts an obligation on buyer to buy the product or services. Purchase contracts are found in most type of businesses but here it relates to import-export of goods.

Shipping Terms: It means the conditions based on which a consignment will be transported from one country to another. It can be like terms regarding payment of freight, transfer of title, cost, insurance, freight (CIF) contract, free on board (FOB) contract.

Freight-in Cost: The cost which is to be incurred in relation to transportation of consignment. It depends upon the nature of contract.

To Explain: The types of shipping terms the buyer should negotiate to minimize freight-in cost.

Expert Solution & Answer

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Answer 5

Chapter 4, Problem 15DQ

To determine

Purchase Contract: It is a legal contract which puts an obligation on buyer to buy the product or services. Purchase contracts are found in most type of businesses but here it relates to import-export of goods.

Shipping Terms: It means the conditions based on which a consignment will be transported from one country to another. It can be like terms regarding payment of freight, transfer of title, cost, insurance, freight (CIF) contract, free on board (FOB) contract.

Freight-in Cost: The cost which is to be incurred in relation to transportation of consignment. It depends upon the nature of contract.

To Explain: The types of shipping terms the buyer should negotiate to minimize freight-in cost.

Answer 6

Chapter 4, Problem 15DQ

To determine

Purchase Contract: It is a legal contract which puts an obligation on buyer to buy the product or services. Purchase contracts are found in most type of businesses but here it relates to import-export of goods.

Shipping Terms: It means the conditions based on which a consignment will be transported from one country to another. It can be like terms regarding payment of freight, transfer of title, cost, insurance, freight (CIF) contract, free on board (FOB) contract.

Freight-in Cost: The cost which is to be incurred in relation to transportation of consignment. It depends upon the nature of contract.

To Explain: The types of shipping terms the buyer should negotiate to minimize freight-in cost.

Answer 7

Chapter 4, Problem 15DQ

To determine

Purchase Contract: It is a legal contract which puts an obligation on buyer to buy the product or services. Purchase contracts are found in most type of businesses but here it relates to import-export of goods.

Shipping Terms: It means the conditions based on which a consignment will be transported from one country to another. It can be like terms regarding payment of freight, transfer of title, cost, insurance, freight (CIF) contract, free on board (FOB) contract.

Freight-in Cost: The cost which is to be incurred in relation to transportation of consignment. It depends upon the nature of contract.

To Explain: The types of shipping terms the buyer should negotiate to minimize freight-in cost.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 4 - Prob. 1MCQ Ch. 4 - A company purchased $4,500 of merchandise on May 1...Ch. 4 - Prob. 3MCQ Ch. 4 - Prob. 4MCQ Ch. 4 - Prob. 5MCQ Ch. 4 - Prob. 1DQ Ch. 4 - Prob. 2DQ Ch. 4 - Prob. 3DQ Ch. 4 - Prob. 4DQ Ch. 4 - Prob. 5DQ

Solution Summary: The author explains that the buyer should negotiate to enter into a CIF contract to minimize the freight-in cost.

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