Follow-up Practice1.Review and discussion questions1)What are trade terms? Why are they used ininternational trade?2)What are the differences between FOB and CFR?2.Give the full names of the following terms and thenmatch the trade terms under Incoterms 2000 with their Chinese equivalents.a. EXW( ) 1. 船边交货b. FAS( ) 2 运费付至c. FCA( ) 3 目的港船上交货d. FOB ( ) 4 未完税交货e. CFR ( ) 5 工厂交货f. CIF ( ) 6 货交承运人g. CPT ( )7 运费、保险费付至h. CIP ( ) 8 装运港船上交货i. DAF ( ) 9 成本加运费j. DES ( ) 10 目的港码头交货k. DEQ ( ) 11 完税后交货l. DDU ( ) 12 边境交货m. DDP ( ) 13 成本、保险费加运费3. Describe the differences and similarities of the following three trade terms and complete the table below.4.Choose the right answer from each of the following.1)Incoterms are a standard set of terms andabbreviations developed by __________.A.the International Law AssociationB.the International Chamber of CommerceC.the United Nations Conference on Trade andDevelopmentD.the United Nations Commission on InternationalTrade Law2)In the international trade practices regarding tradeterms, which of the following is the most influencial and widely used?A.Hague RulesB.Warsaw-Oxford RulesC.Revised Amercian Foreign Trade Defenitions 1941D.Incoterms3)Incoterms 2000 includes ________ trade terms.A. 6B. 12C. 13D. 144) As far as risks taken by the seller are concerned, ___________.A. CIF is bigger than CFRB. CIF is as the same as CFRC. CFR is bigger than CIFD. FOB is bigger than CFR5) The term FOB should be followed by ________.A. point of originB. port of importationC. port of dischargeD. port of exportation6) The term CIF should be followed by_________.A. point of originB. port of shipmentC. port of destinationD. port of exportation7) The term CFR should be followed by _________.A. point of originB. port of shipmentC. port of destinationD. port of exportation8) The term EXW should be followed by __________.A. point of originB. port of shipmentC. port of importationD. port of exportation9) The term DAF should be followed by __________.A. point of originB. port of importationC. port of destinationD. port of shipment10) The term FAS should be followed by __________.A. point of originB. port of shipmentC. port of destinationD. port of exportation11) The term DES should be followed by _________.A. point of originB. port of shipmentC. port of exportationD. port of destination12) The term DEQ should be followed by _________.A. point of originB. port of loadingC. port of destinationD. port of shipment13) The term FCA should be followed by _________.A. point of originB. seller’s place of shipmentC. buyer’s place of shipmentD. buyer’s railway station14) The term DDP should be followed by _________.A. point of originB. port of shipmentC. port of buyer’s premiseD. place of destination15) Which of the following prices quoted is correct?A. US$1,000 per M/T CIF USA.B. US$200 per ton CIFC3 New York.C. US$150 per case CIF.D. US$100 per doz. CIFC3 China5. Case StudyCase 1A Chinese exporter signed a CFR contract with an importer in America on canned meat for an amount of US$50,000, with payment by D/P at sight. On the morning of May 5, 2006, the goods were all loaded onto the named vessel. The Chinese salesperson in charge of this contract was so busy that he forgot to send the buyer the shipping advice until the next morning. Unexpectedly, when the American importer went to the local insurance company to insure the goods, the insurance company had already learned that the ship suffered a wreck on May 6 and refused to insure the shipment. The American importer immediately sent a fax to the Chinese exporter saying “Owing to your delayed shipping advice, we are unable to insure the goods. Since the vessel has been destroyed in a wreck, the loss of goods should be for your account. At the same time, you should compensate our profit and expense losses which amount to US$50,000.”Soon all the shipping documents sent through the collecting bank were returned to the Chinese exporter, for the reason that the importer refused to take up the shipping documents.Who should be responsible for the loss and why?Case 2A Chinese international trade company exported a batch of walnut to England on the basis of CIF London. As it was a seasonal commodity, it was stipulated in the contract that the covering L/C should reach the seller before the end of September. The seller guaranteed that the vessel would reach the port of destination not later than December 2. If the vessel reached the port of destination later than the day, the buyer was entitled to cancel the contract. In case the payment had been made, the seller would return the payment to the buyer. Then, where do you think the crux lies in this case?。