12 Questions
What is the purpose of specifying payment terms in a sales contract?
To ensure timely payment and prevent disputes over payment-related issues
What type of clause in a sales contract addresses unforeseen circumstances that may affect the parties' ability to fulfill their obligations?
Force majeure clause
What is the purpose of specifying goods and services in a sales contract?
To provide detailed descriptions that accurately represent what is being bought or sold
What type of warranties provide assurances to the buyer regarding the quality and performance of the goods or services being purchased?
Express warranties
What is the purpose of outlining inspection procedures in a sales contract?
To outline the procedures for inspecting goods upon delivery
What is the purpose of specifying the quantity of goods or services in a sales contract?
To specify the quantity of goods or the scope of services to be provided
What is the primary purpose of mandatory terms in a sales contract?
To provide clarity and protect the interests of both parties by outlining their rights and obligations
What is the role of the International Chamber of Commerce (ICC) in relation to INCO Terms?
To publish the current set of INCO Terms
What is the main difference between EXW and DDP INCO Terms?
The point of delivery
Which of the following is NOT a mandatory term in a sales contract?
The country of origin of the goods
What is the purpose of dispute resolution mechanisms in a sales contract?
To resolve disputes between the parties in case of a conflict
What is the term for the standardized terms used in international trade to define the responsibilities of the buyer and seller regarding the delivery of goods?
INCO Terms
Learn about the essential elements required in sales contracts to ensure validity and enforceability. Topics covered include identification of parties, description of goods/services, pricing, payment terms, delivery terms, warranties, and more.
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