Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

set of exchange

Read a random definition: Charta de Foresta

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

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
LSD+ is ad-free, with DMs, discounts, case briefs & more.