Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A foreign trade enterprise of China orders a batch of primary products from a new foreign customer and enters into a transaction at a port

image text in transcribed
A foreign trade enterprise of China orders a batch of primary products from a new foreign customer and enters into a transaction at a port of CFR China. The contract stipulates that the Seller shall deliver the goods by way of voyage charter. Chinese issuing bank has also paid against documents submitted by foreign negotiating banks in accordance with the L / C. However, the shipping vessel has not arrived at the destination port after a long time. After multiple inquiries, it is found that the carrier was originally a small company, and it has been declared closed down shortly after the departure of the vessel. The shipping vessel is an old one, and both the vessel and the cargo are missing. It can be concluded that the seller and the carrier colluded with each other to defraud, leading to heavy losses for Chinese buyer. What lessons should we learn from the case

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

What Environmentalists Need To Know About Economics

Authors: Jason Scorse

1st Edition

0230107311, 9780230107311

More Books

Students also viewed these Economics questions

Question

Does subliminal perception work? Why or why not?

Answered: 1 week ago

Question

What are the assumptions required of a multiple regression model?

Answered: 1 week ago