The doctrine of commercial impracticability only extends to problems that are unforeseen.

If goods identified to a contract are destroyed through no fault of either party, both parties are excused from performance.

Under the perfect tender rule, if tender is not perfect, the seller is obligated to try again.

According to the UCC, one open term will cause a sales contract to fail for indefiniteness.​

A lien is an encumbrance on property to satisfy a debt or protect a claim for the payment of a debt.​

The length of the payment plan under a Chapter 13 plan can be three to five years, depending on the debtor’s family income.

A financing statement must include the creditor’s signature.

Any breach of the terms of the security agreement can constitute default.

A buyer’s failure to cover will bar him or her from using any other remedies available under the UCC.​

Once default has occurred and the secured party has obtained possession of the collateral, the secured party has no more options.​