Larry has fifteen creditors. To force Larry into bankruptcy proceedings, at least three creditors must join the petition and their unsecured claims must add up to at least​

An installment contract is breached if a seller tenders any nonconforming goods.

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

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

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

A financing statement must include the creditor’s signature.

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

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

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