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If goods identified to a contract are destroyed through no fault of either party, both parties are excused from performance.

Ferris is refinishing his kitchen floor and needs a floor sander to complete the job. Ferris’s neighbor Gena suggests that he call Home Repair Rentals, Inc. Home Repair leases Ferris a floor sander. In this transaction, the lessor is

According to the UCC, one open term will cause a sales contract to fail for indefiniteness.​

Under the perfect tender rule, if tender is not perfect, the seller is obligated to try again.

A lien is an encumbrance on property to satisfy a debt or protect a claim for the payment of a debt.​

A floating lien cannot apply to the proceeds of the sale of after-acquired property.

An installment contract is a single contract that requires or authorizes delivery in two or more separate lots to be paid for in one payment.

The basic duty of a trustee is to collect the debtor’s property and reduce it to money for distribution.

Refined Metals Company and Superior Fabrication, Inc., enter into a contract under which Refined agrees to deliver a certain quantity of sheet metal to Superior each month. The contract does not include a price term. In a suit between the parties over the price, a court will

The length of the payment plan under a Chapter 13 plan can be three to five years, depending on the debtor’s family income.