Author: Anonymous

Lenders Loan Company and Mortgage Service Corporation—Nadya’s creditors—contract with Nadya for the discharge of her liquidated debts on payment of a lesser sum. This is​

A surety cannot assert the principal debtor’s bankruptcy as a defense to avoid liability on the debtor’s obligation.

Attachment gives the creditor an enforceable security interest in the collateral.

In the majority of states, debtors may use only federal, not state, exemptions to exempt certain property from the bankruptcy.

Lindsay operates a sole proprietorship, a corporation, and a partnership. She wants to obtain relief for her individual debts and the debts of her corporation and partnership. For each of these, she may file a petition in bankruptcy for relief through​

A merchant is a person who deals in goods of the kind involved in the sales contract or who holds herself or himself out as having skill or knowledge peculiar to the practices or goods being purchased or sold.

Foreclosure is the legal process by which a lender repossesses and auctions off property that has secured a loan.

A lender does not have to strictly comply with the state statute governing foreclosure—substantial compliance is sufficient.

Ken files a petition for bankruptcy. Ken must include with the petition​

Stitches Corporation enters into a contract to sell denim clothing to Trend Fashion Company, which in turn sells the clothing to consumers. In contrast to standards that apply to consumers, the UCC imposes on merchants