Chartering & Brokerage Practice Test

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• Void Contract describes a contract that is not valid because it involves what?
• Who makes the recap for Time and Demise Charter voyages?
• Which form is the standard for all ship sales?
• Which party makes the declaration that the ship has arrived and is ready to load?
• Time Charter Commission is calculated as what percentage of the periodic time charter hire payments?
• If a charter negotiation includes cargo quantities, what type of charter party is being negotiated?
• In the Layday Window example, what does the sequence March 25 -> 13 days transit time -> March 13 -> 2 days loading -> March 11th-7th represent?
• Back haul cargoes are defined as which of the following?
• Under Free In, Spout Trimmed, who pays to load and how is cargo loaded?
• What does a Hydrometer measure?
• In a Time Charter, who bears the cost induced from weather delays?
• Using the same charter party form as the basis for negotiating and concluding a string of time charters is called fixing on
• The ballast leg is covered by which payment?
• Which term describes the process of loading and unloading cargo in voyage charters, as referenced in the material?
• If a cargo fix states 'Subject Open', what does this entail?
• In the chain Head Owner 'A' demise charters to 'B', who time charters to 'C', who fixes to 'D' for a voyage, who pays crew wages?
• Disponent Owner is defined as which of the following?
• In a Gross In, Free Out arrangement, who loads and who discharges?
• What does the term 'deadstock' refer to in inventory terms?
• Unenforceable Contract is defined as what in relation to writing requirements?
• APS stands for which term?
• In Free In and Out (FIO), who is responsible for loading and discharging?
• What does the Bunker Adjustment Clause in a charter party do?
• Which statement best illustrates an implied contract situation?
• Which factor would be used to estimate bunker costs in the voyage budget?
• What term describes a broker who puts together the complex deal described by Jack Noonan?
• What size of tanker is typically used in global chemical tanker trade?
• Why is LOA important for estimated costs?
• The type of contract that requires the Statute of Frauds to enforce is which of the following?
• Which broker is responsible for making a recap in Time and Demise Charters?
• On a tanker, the furthest aft and centerline tank would most likely be designated as the:
• What is a Contract of Affreightment (COA)?
• In a Contract of Affreightment, who are the principal parties?
• CQD is an acronym used in chartering. What does it stand for?
• Who can initiate the charter party negotiations?
• Which party is responsible for paying for weather routing in a Time Charter?
• What is the voyage broker's commission rate for a voyage charter of the total?
• TT is an abbreviation used in chartering to denote which concept?
• Ballast Bonus is best described as?
• Short Ton equals 2000.0 lbs; Long Ton equals 2240.0 lbs; Metric Ton equals 2204.6 lbs. Which weight corresponds to a Short Ton?
• In a Voyage Charter, which responsibilities fall to the charterer?
• Which statement correctly identifies the organization that would classify a vessel as 'classed by Lloyds of London'?
• Which statement best describes a Sale and Purchase agreement?
• In general, the Executive branch is defined by which Article in the U.S. Constitution?
• Displacement is calculated as DWT plus which weight?
• Which statement is accurate regarding a Sale and Purchase contract?
• What is considered the most important document in a commercial set?
• In a chartering diagram, the entity labeled A represents which party?
• Which dry cargo ship is least likely to have shipboard cargo gear?
• Voidable Contract is best described as which of the following?
• From the seller's perspective, what is the most advantageous payment term?
• How many Articles are there in the U.S. Constitution?
• Which type of marine insurance would cover oil spill liabilities?
• Why will a port agent do their best to provide an estimate that does not overstate the expected costs of a port visit?
• IWL stands for?
• Platt’s Bunker Wire is associated with which activity?
• When estimating bunker costs, which price should be used?
• What was the name of the ship Fairfield purchased from Spyrolaki?
• In shipping terminology, what is another term for a cargo broker?
• Which clause could be found in a COA, but would never be found in a Consecutive Round Voyage Contract?
• For Charter party recaps, which broker is responsible in time-based charters?
• Which contract status describes a contract that involves illegal activities and is not enforceable?
• Under FIOT terms, who is responsible for covering the cost of transportation?
• How many short tons are in 100,000 pounds?
• TCT describes which charter arrangement?
• Which statement is true about Contract of Affreightment (COA) vs Spot Voyage Charter?
• What does SHEX stand for in shipping terms?
• Charterer is defined as which of the following?
• In negotiating a charter that includes 12 hours turn time in the load terms, what type of charter is it?
• If a ballast bonus is included, which charter party type is being negotiated?
• If a voyage charter generates revenue from freight, dead freight, and demurrage, the broker's 1.25% commission applies to which amount?
• In Gross In, Gross Out terms, who pays for cargo loading and discharging?
• Which of the following is a 4 Ways to Kill an Offer?
• Who pays for WWD in the given terms?
• In chartering discussions, an indication is best described as which of the following?
• What does an Out Turn Survey verify and when is it performed?
• For voyage estimates on a voyage charter under FIOST terms, which information cannot be independently ascertained by the owner?
• What term describes 'super-segregators'?
• How many amendments does the Constitution have?
• In a Free In, Gross Out arrangement, who loads and who discharges?
• What is the name of the 'most exotic and statuesque woman Robert had ever seen'?
• Under CQD voyage charter terms, can the owner earn demurrage for delays at the discharge port?
• The port proforma describes what?
• Which payment is typically made by the charterer to the shipowner for delays in loading/discharging?
• The phrase 'classed highest Lloyds A1 or equivalent' relates to which organization?
• For how much did Spyrolaki sell the ship to Fairchild for?
• Who publishes INCO terms?
• What is a letter of credit?
• Which of the following is a requirement for a Sale and Purchase agreement?
• BIMCO stands for which organization?
• In a Demise Charter, which is the charterer's responsibility?
• Another word for laydays is:
• Which list comprises the four things to make a valid contract?
• What are Consecutive Voyage Contracts?
• A bill of lading that does not have a name consignee and has no damage exceptions noted on its face is a:
• World Scale uses what at the daily rate when estimating the cost of a ship?
• The port proforma provides the grand total for which charges?
• Which type of bill of lading is commonly associated with transfer of title by endorsement to a specific party?
• Which party is typically responsible for issuing the Bill of Lading?
• What does a COA specify about cargo commitment?
• In shipping terminology, a cargo broker is best described as which of the following?
• The Uniform Commercial Code (UCC) primarily governs which area?
• If a firm offer is accepted, what is the effect?
• Which inventory term describes stock that cannot be accessed or reached?
• Which document is typically used to finalize a ship sale?
• Why is providing the port agent with the vessel's beam important?
• In chartering, a broker acting as an agent for their principals is which type of agent?
• Contract of Affreightment (COA) differs from a Spot Voyage Charter because COA can include:
• In which contract type would you most likely see a scheduling clause?
• If a contract contains valid terms but lacks the required writing under the Statute of Frauds, what is its status?
• Which statement best defines a Requirement Contract?
• Which scenario best describes a Time Charter arrangement?
• Laycan is another term used interchangeably with laydays.
• Who provides the information for the Bill of Lading to the agent?
• Who makes the Contract of Sale?
• Which Article of the U.S. Constitution deals with the Executive branch?
• Which action is NOT a way to terminate an offer?
• Who makes the SOF?
• What does IACS stand for?
• Back Trade in chartering refers to what?
• If a charter includes cargo quantities, which type of charter is being negotiated?
• A bill of lading can serve as evidence of title to the cargo when the bill of lading is:
• From the buyer's perspective, what is the most advantageous payment term?
• BIMCO draws its members from which sector?
• In the Chartering Story told in class, what type of inventory control system does Ron use?
• In Voyage Charters, which broker typically prepares the recap?
• DAP stands for?
• What are the example laycan dates given in the material?
• Platt’s Bunker Wire is best described as:
• What is an escrow agent?
• Are charter party details always necessary for enforcement?
• Which sector of the transportation industry uses 'Through' bills of lading?
• Under a Time Charter, which party is responsible for maintenance, insurance, and paying crew wages?
• Under Free In, Spout Trimmed, which describes how cargo is loaded?
• Which statement is true about Sale and Purchase agreements?
• In chartering, who are the principals?
• The Sales Contract is used for what purpose?
• What does WWD stand for in shipping terms?
• Displacement is defined as which of the following?
• What does Commercial Set refer to?
• Which term describes a shipping arrangement for back-to-back voyages for a charterer over a fixed period?
• International contracts always use which instrument?
• Which term describes the owner who holds the legal title to the vessel?
• In maritime terminology, an indication is typically described as which of the following?
• Which broker is responsible for making a recap in a Voyage Charter?
• In the described chain of charters, which party pays the crew wages?
• Despatch in chartering terms is best described as
• If CQD occurs, what is impossible to earn?
• What does 'Subject Open' indicate in a negotiation?
• A bill of lading that does not have a name consignee and has no damage exceptions noted on its face is described as which?
• A bill of lading showing a named consignee and cargo damage on its face is best described as:
• Which term best fits a contract that may be terminated by one party (e.g., with a minor)?
• Head Owner is defined as which of the following?
• 100 metric tons is approximately how many pounds?
• FIOT terms are commonly used in which trade?
• Which description best defines an implied-in-fact contract?
• Spyrolaki sold his ship to Fairchild for $4 million. How much had Spyrolaki purchased the ship for five years earlier?
• What does Customary Quick Despatch require in a charter party?
• In a Demise Charter, which is the owner's responsibility?
• In a Time Charter, who pays for fuel costs and port fees?
• What contract governs the transportation of goods by sea?
• What is dead freight?
• Which of the following are types of marine insurance?
• Which document is often regarded as the primary evidence of the contract of carriage?
• 2204.6 pounds corresponds to which ton?
• What is the name of the standard form used in ship sales and purchases that Fairchild encountered?
• A hydrometer is used to measure which property?
• Of the following terms which is the MOST advantageous to the owner?
• Which state is noted as not adopting the Uniform Commercial Code according to the description?
• The port proforma is best described as which of the following?
• Under a Time Charter, which costs are the charterer's responsibility?
• In charter party terms, what right does the charterer have if lay days are missed?
• Which payment term is best for the seller?
• A shipment weighing 220,460 pounds could also be said to weigh exactly how many metric tons?
• During a container ship loading operation, who prepares the Mates Receipts?
• What is a Notice of Readiness?
• Ballast Bonus is paid by which party?
• Of the following terms which is the LEAST advantageous to the owner?
• Despatch is best described as what in a voyage charter?
• The term port proforma refers to which document?
• Which form is used for every sale of a ship?
• Under FIOT terms, who is responsible for loading, discharging, and trimming cargo?
• Under the Statute of Frauds, which type of contract would typically require a writing to be enforceable?
• Which type of marine insurance would cover a ship owner's exposure for claims resulting from an oil spill on his vessel?
• Which organization publishes standard terms for international trade in shipping contracts?
• What does the term 'Subject=' denote in contract terminology?
• What does the term 'Subject on Management Approval' imply?
• Which statement about World Scale's daily rate for estimating ship costs is true?
• In the provided notes, DWAT is equated to which term?
• Which tank on a tanker is designated for collecting slops and residues?
• What does IWL stand for?
• Which term is also known as "Liner Terms"?
• Between a Ship Owner and a Charterer, who can tender the first firm offer?
• In a Voyage Charter, who has full operational control, maintenance, and insurance?
• Offer is no good after: when does it expire according to the rule?
• Which statement correctly identifies the meaning of 'Vessel Cost' as provided?
• What does CQD stand for?
• How much time can elapse before a given bill of lading number is allowed to be repeated?
• Which dry cargo vessel type has the greatest DWT capacity?
• Which term describes the ship’s own weight excluding cargo, fuel, and stores?
• Which term signifies a condition that must be satisfied before a contract becomes binding?
• Which statement is true about the Norwegian Sale Form?
• Which type of charter is associated with a 12-hour turn time in load terms, as described?
• Who makes the Bill of Lading?
• Which two elements are used to compute Vessel Cost according to the material?
• The standard form used for ship sales is named after which country?
• A bill of lading that has a named consignee and cargo damage noted on its face is a:
• Which contract mentions a specific quantity of cargo to be transported over a set time?
• SOF stands for?
• What is a chicksan used for?
• CQD stands for?
• Vessel Cost is defined as which of the following?
• Is a firm offer a contract once it is accepted?
• TCT stands for?
• Which contract status allows a party to back out if the other party is a minor at the time of contracting?
• If a charter negotiation includes a ballasted bonus, what type of charter party is being negotiated?
• To calculate the freight rate for a voyage estimate for dry cargo, what time charter rate should be used?
• Which term is described as the best payment term for the buyer?
• What is another word for 'Conditions Precedent'?
• Under liner terms, who bears the cost of loading and discharging?
• How would a charterer calculate a laycan window?
• Under the Statutes of Frauds, contracts must be in writing to be enforceable. Such contracts are termed:
• Liner Terms are defined as which of the following?