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A bankruptcy estate consists of all the debtor’s interests in property currently held, wherever located.

In interpreting a commercial agreement, a court will assume that the usage of trade was taken into account when the agreement was phrased.

Kyla holds a security interest in inventory owned by Luc. Kyla protects her claim to the inventory in the event of Luc’s default by​

Quarry Equipment Corporation and Rock & Gravel Inc. enter into a lease of three bulldozers. Under the perfect tender rule, Quarry must ship or tender goods to Rock & Gravel that, with respect to the contract description, conform

Under the UCC, an offeree can accept an offer to buy goods by a prompt shipment of conforming goods.

A security interest that provides for a security interest in collateral subject to future advances is a floating lien.

Liquidated debts are debts that are indefinite, or not fixed, in amount.

To create an enforceable security interest, the secured party must give value.

A buyer in the ordinary course of business has priority even if a previously perfected security interest exists as to the goods.

The concept of a floating lien applies to a constantly changing inventory.