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A security interest is enforceable only if the debtor has rights in the collateral.

A preference occurs when a debtor transfers property or money favoring one creditor over others.

Donna goes through an involuntary bankruptcy proceeding. An involuntary bankruptcy occurs when​

Olaf is the creditor in a transaction with Phil. Once certain requirements are met, Olaf’s rights will attach, which means that Olaf will have​

On default, a secured party who chooses not to retain the collateral must dispose of it in a commercially reasonable manner.

Any “person”—defined as including corporations—may be a debtor in a liquidation proceeding.

All debts are dischargeable in bankruptcy.

Under the UCC, prompt shipment of goods is considered an acceptance of an offer to buy the goods.

Under the UCC, an offeror must be notified within a reasonable time that the offeree has accepted.

Rulings from bankruptcy courts are final—they cannot be appealed.