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The letter of credit can protect both the seller and the buyer with the bank as a guarantee, so it i

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______ means the commodities directly shipped arid sold without packages.

On Oct. 2, one Chinese company in Shanghai cabled an American trader offering 500 dozen of pure cotton men's shirt USD85 per dozen CIF New York, subject to his reply reaching Shanghai before Oct. 15. On Oct. 10 , the American trader cabled: "your price is too high. USD80 per dozen is acceptable". On Oct. 13, the trader cabled again: "accept your offer of Oct. 2 and L/C has been opened. " Because the price of our goods is increasing, we didn't reply and didn't dispatch the goods either. The American trader thought that the Chinese company violated the contract and lodged a claim against the Chinese company.
Question : Should the Chinese company compensate the American trader for the loss？ Why？

Commodity inspections usually involve quality, weight , quantity and packing of the commodities. ( )

If a letter of credit is not confirmed by another bank , it is called an unconfirmed credit. But the word"unconfirmed"is should be indicated in the credit. ( )
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