A floating lien is a security interest in property that was not in the possession of the debtor when the security agreement was executed.

Which of the following contracts is an example of future goods?

A(n) ________ is a sales contract that requires the seller to deliver goods to the buyer’s place of business or another specified location.

How does the Uniform Commercial Code (UCC) define a merchant?

Ronald, the purchasing manager of Tellys Supermarket in Georgia, was asked to purchase an order of the latest videogame console, FunCase, to keep in the supermarket. However, due to a truckers’ strike, he had to make a trip to the FunCase warehouse, which was in Florida. Ronald paid for the trip himself, went to the warehouse, procured the shipment, and returned. After he got back, Tellys Supermarket paid Ronald for the trip he made to Florida. What duty of the principal did Tellys Supermarket perform when they paid Ronald for the trip to Florida?

Which of the following sales would be covered by Article 2 of the Uniform Commercial Code?

A consignment is treated as a sale or return contract under the UCC.

Wesley buys a house for $1,000,000. He puts $400,000 down and borrows $600,000 from a bank, which takes a mortgage on the property to secure the loan. Wesley defaults, and when the bank forecloses on the property, it is worth only $500,000. There is a shortage of 100,000, as the foreclosure sale price was $500,000. The bank brings a legal action against Wesley. Which of the following can help the bank recover the shortage from Wesley?

Tara lost a large sum of money to Judy when she invested in what she alleged was a fraudulent investment scheme run by Judy. As a result, Tara sued Judy for fraud. However, as it would take more than a year before the case was heard, Tara was afraid that Judy would transfer any money or property she had to avoid having to pay a judgment if she lost at trial. Which of the following would help Tara stop Judy from doing so?

Only written express warranties are valid.