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The right of a seller or lessor to refuse to send goods to a buyer or lessee upon breach of a sales or lease contract by the buyer or lessee or the insolvency of the buyer or lessee is known as the ________.

Constructive notice is not valid against strangers who assert claims of apparent agency.

Kimberly borrows $50,000 from a bank. She gives the bank a security interest in her ________ inventory. This implies that if Kimberly does not repay the loan in the stipulated period, the bank can claim any assets she purchased after signing the security agreement.

A(n) ________ is a type of contract that requires or authorizes goods to be delivered and accepted in separate lots.

Klint Microsystems, a microprocessor manufacturer, was contracted by Zeitar Studios to manufacture specially designed microchips to be used in an audio engineering process. Zeitar was to pay Klint $300,000 as per the contract. Klint decided to redesign their existing microchips and make them suitable for Zeitar. While the finished microchips were being shipped via a carrier, Klint was informed of Zeitar’s insolvency. Klint cancelled the shipment before it was delivered. Klint then resold the chips to another studio where they had to settle for $150,000 as the chips were now only suitable for specific audio engineering processes.What legal action can Klint take against Zeitar?

Exempt property may not be retained by a debtor who files for bankruptcy.

Which of the following is true of Chapter 7 liquidation?

Under the perfect tender rule, the buyer can reject a whole shipment of nonconforming goods.

An agency contract is terminated with the death of either the principal or the agent.

Whistle Cabs, a taxi service company, has been ordered by the traffic department to update its taximeters to digital ones. Whistle Cabs decides to contract with Running Electricals, who provides digital taximeters. But to acquire it on such short notice, Whistle Cabs approaches Goldmint Bank. Goldmint Bank purchases the taximeters and delivers them to Whistle Cabs. The contract with Goldmint Bank allows the taxi service company to use the taximeters for a period of time by providing monthly rentals until that period is completed. What is the nature of the contract made between Goldmint, Whistle Cab, and Running Electricals?