Author: Anonymous

A guarantor is secondarily liable on an obligation.

In a suretyship relationship, a third person’s credit becomes the security for a debt.

When more than one party claims an interest in the same collateral, a perfected secured party’s interest has priority over security interests that are perfected later.

Once a discharge is granted, it may not be revoked, even if, for example, a debtor concealed property to defraud a creditor.

The seller’s right to cure does not affect the right of the buyer or lessee to reject goods.

If a contract specifies a certain carrier, a substitution of a different carrier for any reason breaches the contract.

If a buyer repudiates a contract before the time for contract performance, the seller can bring an action to recover damages.

With an installment contract, a buyer or lessee can reject a single installment on any pretext.

A trustee has the power to avoid preferences.

The term cure refers to the right of the buyer to reject, adjust, or replace nonconforming goods.