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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.

Bankruptcy proceedings are held in state courts.​

Nell’s debt to Olsen is past due. Olsen obtains an order of garnishment to require Nell’s employer Pro Transmission Service, Inc., to pay part of Nell’s paycheck to Olsen. The law​

In contracts involving a carrier, a seller can complete performance through a shipment contract or a destination contract.