Lesson 10

__________________ is compensation in case of breach contract

• Damages

• Rescission

• Restitution

• Wavier of breach

A counter offer is a rejection of the original offer

• False

• True

Contracts for insurance is not an example of specialty contract

• True

• False

This is a document sent by the purchaser or buyer to the seller requesting goods that may be available

• Purchase Requisition

• Cover Letter

• Request for Quotation

• Order

Business documents provide information needed for the business to function efficiently

• True

• False

FOB means

This document provides details about the goods to be shipped, e.g. type and number of items and the destination of the goods.

• Shipping Note

• Airway Bill

• Bill of Lading

This is a cheque that is used to make payments overseas. Bank drafts are obtained for a fee from a bank and are made out to a named payee in foreign currency.

• Bank Draft

• Sight Draft

• Bill of exchange