Asked by Erika Frederick on Jun 17, 2024
Verified
The importance of the terms FOB and FAS in contracts for the sale of goods is that they obligate the buyer to pay immediately upon delivery of the goods.
FOB
An abbreviation of free on board.
FAS
An abbreviation for the expression free alongside ship.
Immediate Payment
A demand for payment to be made at once, typically in a transaction, without any delay or installment arrangements.
- Develop an understanding of the primary elements of ownership transfer in the context of selling goods.
Verified Answer
ZS
zaidoon sulaimanJun 23, 2024
Final Answer :
False
Explanation :
If the delivery term of the contract is FOB or FAS the place at which the goods originate,the seller is obligated to deliver to the carrier goods that conform to the contract and are properly prepared for shipment to the buyer,and the seller must make a reasonable contract for transportation of the goods on behalf of the buyer.
Learning Objectives
- Develop an understanding of the primary elements of ownership transfer in the context of selling goods.