Author: Anonymous

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

A trustee has the power to avoid preferences.

Revocation of acceptance is effective on notice to the seller or lessor.

A buyer who rightfully rejects nonconforming goods may obtain cover or cancel the contact, but may not seek damages.

A merchant’s firm offer is revocable at any time before acceptance.

A creditor’s surrender of collateral to a debtor without the guarantor’s consent can reduce the guarantor’s obligation.

A short sale is a sale of only part of the whole property subject to a mortgage.

If the circumstances indicate bad faith, a court can dismiss a debtors’ Chapter 13 petition.

An artisan’s lien is effective only if a creditor has possession of the property.

Under the “partial performance” exception to the UCC, an oral contract for goods worth more than $500 is enforceable if the goods are designed to partially perform a specific function.