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A trustee has the power to avoid preferences.

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

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

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

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.

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.

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

A student loan is discharged under Chapter 13 unless the creditor can show “undue hardship.”

The same principles that govern the filing of a liquidation petition apply to reorganization proceedings.