Question

Which of the following is an important function served by the bill of lading?

A. It is a receipt issued by the carrier to a shipper for goods received for transportation.
B. It is a contract naming the parties involved, specific rate or charge for transportation, and agreement and stipulations regarding the limitations of the carrier's common law liability.
C. It lists other obligations assumed by the parties or matters agreed upon by them.
D. All of the above.

Answer 1

The bill of lading serves as a receipt, contract, and lists other obligations in commercial trade.

Step-by-step explanation:

The bill of lading serves an important function in commercial trade. It is a receipt issued by the carrier to a shipper for goods received for transportation, which ensures that the carrier has acknowledged the receipt of the goods. It also acts as a contract between the parties involved, stating the specific rate or charge for transportation, as well as the agreement and stipulations regarding the limitations of the carrier's liability. Additionally, the bill of lading can list other obligations assumed by the parties or matters agreed upon by them. Therefore, the correct answer is option D: All of the above.