Sam is the secured party in a transaction with Lilly, who is the debtor. Sam files a security agreement with the appropriate state official. The security agreement must contain

Precise Parts, Inc., and Quality Auto stores enter into a contract for a sale of auto parts that meet certain specifications. Precise Parts ships goods that do not comply. Quality Auto

A firm offer by a merchant may be oral.

Medico Inc. enters into a contract to sell medical supplies to New Hospital Corporation, which sells some of the items to Physicians Clinic, which later sells them to Oscar, a patient and consumer. Article 2 of the UCC applies to the sales transactions between

The payment of Valley Farm’s debt to County Bank is guaranteed by the farm’s personal property. This property is​

If a buyer breaches a contract, the seller can choose to simply cancel the contract.

A creditor must exhaust all legal remedies against the principal debtor before holding a surety responsible for payment.

To create an enforceable security interest, the secured party must give something of value to a debtor’s other creditors.

If the parties to a contract for a sale of goods have not agreed on a price, a court will determine a reasonable price at the time for delivery.

The terms of a fully integrated contract can be contradicted by evidence of any prior agreements.