Aic 301 3 |38 Questions| With Correct Answers.

Bill of lading {Ans: A document acknowledging receipt of goods from the shipper, given by the carrier, which includes the terms of the contract of carriage for the goods.}Community property {Ans: Property owned or acquired by both spouses during a marriage by their communal efforts. Each spouse has an undivided one-half interest in the community property.}Consignee {Ans: The person or organization that receives property being transported by a carrier.}Lien {Ans: A creditor's legal right or interest in another's property, usually lasting until satisfaction of the specific debt or duty that the lien secures.}Security interest {Ans: An interest in property (real or personal) that allows the property to be sold on default to satisfy the debt for which the security interest was given.}Condominium {Ans: A real estate development consisting of a group of units, in which the air space within the boundaries of each unit is owned by the unit owner, and all remaining real and personal property is owned jointly by all the unit owners.}