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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Chapter 4 Solutions
FINANCIAL & MANAGERIAL ACCOUNTING (ACCES
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