The refusal of merchandise by the designated consignee
Read MoreAbrogation
The cancellation of the part of a contract that has not yet been performed. For example, if parties agree to several deliveries of goods, but after the first delivery, war is declared in the buyer´s country and no further goods…
Read MoreAbsolute advantage
In the theory of international trade an absolute advantage occurs when a country or company is more efficient (using fewer resources) at producing the same good or service than another country or company. This theory was first suggested by British…
Read MoreAcceptance
The act of formally acknowledging a debt by signing a financial instrument called a draft. When done by a non-bank party, a trade acceptance is created. When done by a bank, a banker´s acceptance is created. See banker´s acceptance.
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