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LSDefine

Simple English definitions for legal terms

set of exchange

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A quick definition of set of exchange:

A set of exchange is a special type of bill of lading used in commercial law. It consists of multiple parts, each of which is only valid if the goods have not been delivered against any other part. The parts are usually drawn in duplicate or triplicate, with each part labeled as "first of exchange," "second of exchange," and so on. Once one part has been paid, the other parts become void.

A more thorough explanation:

Definition: A set of exchange is a commercial document that consists of multiple parts, each of which is valid only if the goods have not been delivered against any other part. It is commonly used in international trade to ensure that the seller receives payment before the buyer takes possession of the goods.

For example, a bill of lading may be drawn in duplicate or triplicate, with each part being labeled as "first of exchange," "second of exchange," and so on. When one part has been paid, the other parts become void. This means that the seller can only receive payment once, and the buyer cannot take possession of the goods until payment has been made.

Another example of a set of exchange is a letter of credit, which is a document issued by a bank that guarantees payment to the seller if certain conditions are met. The letter of credit may be drawn in multiple parts, with each part representing a different stage of the transaction.

These examples illustrate the importance of using a set of exchange in international trade to protect both the buyer and the seller. By ensuring that payment is made before the goods are delivered, the seller can avoid the risk of non-payment, while the buyer can be sure that they will receive the goods they have paid for.

seti | set out

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JumpySubsequentDolphin
20:48
I got these jeans from re/done on a crazy sale and I love them BYT RHEY HAVE FIVE BUTTONS
JumpySubsequentDolphin
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JumpySubsequentDolphin
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what if I have to pee.
THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
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