Question

From the following statement identify the main terms used in internal trade
(I) it is the price of goods which includes not only the cost of good but also freight payable on goods up to destination port

(ii) this term is used to reduce the legal liability to incomplete information supplied in a document such as price list, invoice, quotation, etc

Answer 1

Answer:

The quotation reflects the price at which the seller is ready to supply the goods and the terms and conditions of sale. Price may be quoted in several ways depending upon the relative responsibilities of the buyer and the seller. Some of the popular types of price quotations are as follows:

1. Loco Price : Is the 'ex-factory' price, it includes the cost of production plus profit margin.