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Franchise
A business model in which a company
or government (franchisor) grants a license to
a group or an individual (franchisee)
authorizing them to legally start a business for
a specified commercial activity or to act as
their agent.
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Fraud
An intentional concealment, omission, or
perversion of truth for the purpose of inducing
someone to rely upon it and part with
something of value or surrender a legal right.
The three necessary elements of a cause of
action for fraud are: 1) false representation of
a present or past fact on the part of the
defendant, 2) a plaintiff’s action in reliance
upon that misrepresentation, and 3) damage
resulting to the plaintiff from the action that
was based on the misrepresentation. (Black’s
Law Dictionary 1990)
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Free Alongside Ship (FAS)
A price that includes
the cost of transportation and delivery to the
side of the vessel, within reach of its loading
tackle, at the specified port of shipment, with
the buyer’s liability beginning at that point.
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Free Astray
A shipment misrouted or unloaded at
a wrong destination that is forwarded to the
correct destination free of extra charges.
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Free Enterprise
An economy in which prices,
goods, and services are determined by the
market rather than the government.
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Free on Board (F.O.B.) Destination
The point at
which a title changes hands from the supplier
to the buyer at the destination of the
shipment when the buyer signs for the goods.
The supplier owns the goods in transit,
assumes responsibility for carrier selection,
and files any claims for damages incurred
during this period. F.O.B. destination does not
address the responsibility for the cost of
transportation (freight charges), which must
be specified with the inclusion of additional
language.
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Free on Board (F.O.B.) Destination, Freight Collect
The point at which a title passes at
destination and the buyer pays the freight.
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Free on Board (F.O.B.) Destination, Freight Collect and Allowed
The point at which a title
passes at destination and the buyer pays the
freight and deducts it from the seller’s
invoice.
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Free on Board (F.O.B.) Destination, Freight Prepaid and Added
The point at which a title
to the goods passes from the supplier to the
buyer at the point of destination and supplier
pays the freight expense and then adds the
freight expense to the buyer's invoice.
Supplier owns goods in transit and files
claims, if any.
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Free on Board (F.O.B.) Destination, Freight Prepaid and Allowed
The point at which a title
passes at destination, and the seller pays the
freight.
