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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

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

If, before the time for performance, a buyer communicates an intent not to perform, the seller can consider the buyer in breach and pursue a remedy.​

An installment contract is breached if a seller tenders any nonconforming goods.

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

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

A security interest is enforceable only if the debtor has title to the collateral.

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