New 55% Off on All Courses - Enroll Now! Click Here

    Question

    A bill of lading is:

    A A negotiable instrument like a bill of exchange Correct Answer Incorrect Answer
    B A negotiable instrument like a promissory note Correct Answer Incorrect Answer
    C Either (A) or (B) Correct Answer Incorrect Answer
    D Neither (A) nor (B) Correct Answer Incorrect Answer

    Solution

    A bill of lading is a document of title, written receipt issued by a carrier, a transport company, that it has taken possession and received an item of property and usually also confirming the details of delivery (such as method, time, place or to whom), and serves as the carrier’s title for the purpose of transportation. A ‘document of title’, as defined in section 2(4) of the Act, is “any document used in the ordinary course of business, purporting to authorize the possessor of the document to receive goods thereby represented.”

    Practice Next