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2 cards from this section. Quick, good the night before a test.
What does dishonor mean in the context of a bill of exchange?
Think about the obligations of the drawee.
Name one disadvantage of using bills of exchange in international trade.
Consider the different players involved.
What happens when a bill of exchange is dishonored?
Consider the obligations of the parties involved.
True or False: Complexity in international trade only involves financial considerations.
Think about what factors come into play.
A company issues a bill of exchange for $10,000 to a customer who agrees to pay in 30 days. Three weeks later, the customer informs the company they cannot pay. Discuss the steps the company might take.
Consider the implications of dishonor and potential legal remedies.
A business wants to enter international trade but is concerned about the complexities of bills of exchange. What measures can it take to ease these concerns?
Think about best practices for reducing risks in unfamiliar markets.
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