What are the three primary purposes of an air waybill?

The correct answer identifies the three primary purposes of an air waybill as receipt, contract, and document of title.

An air waybill serves as a receipt issued by the carrier to the shipper, confirming that the goods have been received for transport. This receipt is crucial for both the shipper and the receiver, as it provides tangible proof that the shipment has been initiated and outlines the details of the transaction.

Additionally, the air waybill acts as a contract between the shipper and the carrier. It specifies the agreed-upon terms for transportation, including the responsibilities and liabilities of each party involved in the shipment process, thus creating a legal framework for the movement of goods.

Lastly, it functions as a document of title, especially important for international trade. Although in practice it may not confer ownership like a traditional title, it allows the named consignee to claim the goods at their destination, making it an essential document for the transfer of possession.

The other options contain elements that do not fully encapsulate the primary purposes of an air waybill. For instance, while an inventory record or shipping invoice can be relevant in certain contexts, they do not directly pertain to the primary functions of an air waybill.