When more than one party claims an interest in the same collateral, a perfected secured party’s interest has priority over security interests that are perfected later.

A homestead exemption allows a debtor to subtract the value of the family home from the amount of a debt.

The seller’s right to cure does not affect the right of the buyer or lessee to reject goods.

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

The term cure refers to the right of the buyer to reject, adjust, or replace nonconforming goods.

With an installment contract, a buyer or lessee can reject a single installment on any pretext.

The payment of John’s debt to Kirsten is guaranteed by John’s personal property. Kirsten is most likely to perfect her interest by

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.

A course of performance is the conduct that occurs under the terms of a particular agreement.