WAEC Commerce 2012 Theory — Question 8

Model answer

(a) Indent: An indent is an order of goods from an overseas importer to a buying agent located in the exporting country. The importer usually gives all relevant information regarding the volume, price, and nature of the product. Indent may be of two types – closed and open. (b) Bill of lading: bill of lading is the document that shows that goods have been received for shipment. It will indicate the owner of the goods. (c) Consular invoice: A consular invoice is a document certifying a shipment of goods and shows information such as the consignor, consignee, and value of the shipment. (d) Certificate of origin: Is a document widely used in international trade transactions which attests that the product listed therein has met certain criteria to be considered as originating in a particular country. (e) Bill of exchange: A bill of exchange is a written order used primarily in international trade that binds one party to pay a fixed sum of money to another party on demand or at a predetermined date.