Borealis Inc, a Company Based in Edmonton, Entered into a Contract

Borealis Inc, a company based in Edmonton, entered into a contract with Australis Ltd, a company based in Geelong, Australia. Australis was required to deliver two tonnes of white corridale roving wool at $50 Canadian per kilogram. The contract was stated to be "CIF (INCOTERMS 2000) Geelong." That means that

A) Australis must arrange and pay for shipping.
B) Borealis is responsible for arranging and paying for shipment of the goods to Geelong.
C) the parties were required by law to use INCOTERMS.
D) Borealis will acquire ownership and risk as soon as the goods are placed on board.
E) the party that purchases insurance will also be named as the beneficiary of the policy.