A security interest that provides for a security interest in collateral subject to future advances is a floating lien.

Quarry Equipment Corporation and Rock & Gravel Inc. enter into a lease of three bulldozers. Under the perfect tender rule, Quarry must ship or tender goods to Rock & Gravel that, with respect to the contract description, conform

Most of the customers in any business are buyers in the ordinary course of business.​

Liquidated debts are debts that are indefinite, or not fixed, in amount.

The United Nations Convention on Contracts for the International Sale of Goods (CISG) is the uniform international sales law of countries that account for more than two-thirds of all global trade.

The concept of a floating lien applies to a constantly changing inventory.

A purchase-money security interest (PMSI) in consumer goods is perfected automatically at the time the PMSI is created.

There is no limit to the amount that can be taken from a debtor’s weekly take-home pay through garnishment.

When consumer goods are involved, a termination statement must be filed within a month after the debt is paid.​

A surety is primarily liable for the debt of a principal.