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A guarantor is secondarily liable on an obligation.

The UCC requires a contract modification to be supported by new consideration.

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.

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

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

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

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

A trustee has the power to avoid preferences.

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