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harina [27]
4 years ago
6

Justin hires Miguel to sell his baseball glove for $560. As part of their contract, Justin will pay him $100 to conduct the sale

. Justin is a _______________________. Group of answer choices
Business
1 answer:
Nonamiya [84]4 years ago
3 0

Answer: Factee

Explanation:

This is a factorage transaction in which Justin will pay Miguel to act as an intermediary who will sell the baseball glove and receive a commission. That commission is known as a Factorage.

In a Factorage transaction, the intermediary being paid to sell the product is considered to be the Factor and the person who will pay for the product to be sold is the Factee. Justin in this scenario is paying for the baseball glove to be sold and so is the Factee.

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Letter of credit is also called documentary credit or bankers commercial credit.

The financial document called "Letter of credit" is a a letter written by a financial institution which authorizing another institution to pay someone a sum of money.

This document is usually a mode of payment used for the importation of visible goods.

In conclusion, the document called "letter of credit" is the financial document which tells that a bank will pay a specified sum of money to a beneficiary

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2 years ago
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Andreas93 [3]

Answer:

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