Miranda Airways, a commercial air carrier, has a contract with Wurtherton Inc., an airplane manufacturer, to purchase a new plane. Due to a sudden shortage of cash, Miranda Airways goes to MetrosBank. MetrosBank issues a document to Wurtherton, which says that if Miranda does not pay for the transaction, MetrosBank would. Wurtherton considers the offer and then sends an acceptance with additional terms. The additional terms stipulate that Miranda Airways could have the new airplane for a period of 10 years and then return it to Wurtherton. Miranda Airways agrees to the acceptance, and Wurtherton hands over the new airplane to them. What is the nature of the contract between Miranda Airways and Wurtherton?

A seller can recover lost profits in a case where damages measured by the difference between contract price and market price would not put the seller in the same position as the performance of the contract would have.

Marcia buys a $3,000 high-definition plasma television for her home on credit extended by the seller, Better Buy. Better Buy requires Marcia to sign a security agreement. Better Buy has a ________ interest in the television that is automatically perfected at the time of the credit sale.

Marcus employs a real estate broker, Dean, to sell his house. Dean’s express powers are to advertise and market the house for sale, show the house to prospective buyers, and accept offers from them. He is not allowed to seal a deal without Marcus’ consent. Marcus goes away on a month-long trip where he cannot be contacted. During this time, a short circuit in the house causes a power outage. Dean uses his authority to hire an electrician to repair the circuits and restore electricity in the house. Marcus then comes back and pays Dean for the repairs. What is the nature of the agency that Dean used to fix the problem in the house?

Gifts that a debtor is entitled to receive within 180 days after a bankruptcy petition is filed are part of the debtor’s bankruptcy estate.

Bankruptcy law is exclusively federal law; there are no state bankruptcy laws.

Which of the following is true of bankruptcy law in the United States?

Which of the following is a default?

Marlon intends to sell a piece of real estate he owns and contracts Nita, a real estate broker, to make the sale. In the contract, Marlon authorizes Nita to make the sale at or above a minimum price he wants and the date by which he wants the sale to be completed. The contract also stipulates that Marlon will not hire another broker to sell that piece of land until the contract period expires. Nita finds a suitable buyer, makes the sale in time, and is paid by Marlon for her services. Which of the following types of agency existed between Marlon and Nita?

Roundwell Motors purchases a manufacturing plant for $15 million, pays $5 million in cash as down payment, and borrows the remaining $10 million from Home Providence Bank. To secure the loan, Roundwell gives the plant as collateral to Home Providence Bank. If Roundwell defaults on their payment, what is the recourse available to Home Providence to recover the loan?