Commercial law questions and answers pdf

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YBM issued the letter of credit and forwarded it to its correspondent bank, Yunan Bank YB of Beijing, to notify the Chinese exporters to submit the bill of lading in the name of YBM covering the goods to be exported to Manila and to pay the Chinese exporters the purchase price upon verification of the authenticity of the shipping documents. When YEC unpacked the imported parts in its warehouse, it found that they were not only of inferior quality but also did not fit the descriptions contained in the bill of lading. YBM thereafter commenced the following: a Civil suit to hold YB liable for failure to ensure that the electronic parts loaded for exportation in China corresponded with those described in the bill of lading. Is there any merit in the case against YB? It is merely the obligation of the bank to pay upon the presentation of genuine documents. The correspondent bank is not duty bound to open and inspect the crates to see whether the contents thereof tally with the description in the letters of credit. The defense of the YEC President is that he cannot be held liable for a transaction of the corporation, of which he only acted as an officer, and that it is YEC as the principal that should be held liable under the trust receipt, which was entered into in the name of YEC and pursuant to YEC's corporate purposes.

Commercial law , also known as trade law , is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce , merchandising , trade , and sales. Commercial law includes within its compass such titles as principal and agent; carriage by land and sea; merchant shipping ; guarantee ; marine, fire, life, and accident insurance ; bills of exchange, negotiable instruments , contracts and partnership. It can also be understood to regulate corporate contracts , hiring practices , and the manufacture and sales of consumer goods. Many countries have adopted civil codes that contain comprehensive statements of their commercial law. In the United States, commercial law is the province of both the United States Congress , under its power to regulate interstate commerce, and the states, under their police power. Efforts have been made to create a unified body of commercial law in the United States; the most successful of these attempts has resulted in the general adoption of the Uniform Commercial Code , which has been adopted in all 50 states with some modification by state legislatures , the District of Columbia , and the U. Various regulatory schemes control how commerce is conducted, particularly vis-a-vis employees and customers.

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