To _________________ an offer, express language must be used, such as, “I withdraw my previous offer of May 7,” or by performance of acts that are contrary to the offer and made to the offeree (for example, selling the offered property to another with the original offeree present

A writing that states, “I promise to pay you $1,000 if the Mets win the World Series,” is not a contract because it comes with a condition.

Article 2 of the UCC governs the sale of goods not services.

Section 4-4-201(a) states that a collecting bank “is an agent or sub-agent of the owner of the item.” Further, the statute states, “This provision applies regardless of the form of indorsement or lack of indorsement. . . .” A check payable to a party and deposited in that party’s account makes the party the “owner” of the check under the UCC.  The bank is in  ________________________ of the check.

The breach is ___________________ when performance is not at least substantial.  If there is a material breach, then the nonbreaching party is excused from performing.

“To be negotiable, the instrument must stand alone,” is true of negotiable instruments. 

A statement of intention to do something in the future is an offer.  

One policy reason under Section 2-207 of the UCC, the “battle of the forms” section, is to place responsiblity on merchants to pay attention to the purchase orders they sign. The seller should read the purchase order that has been received and, if it contains conflicting terms on which the UCC provides unfavorable default positions, the seller should refuse to proceed with the transaction—not perform—until a suitable express agreement has been reached.

Through the “means test,” a bankruptcy court can evaluate an individual debtor’s monthly income in recent months is compared to median income in the geographic area where the person lives.  If debtor’s income is below the median income, the debtor is allowed to file Chapter 7, as there is no presumption of bankruptcy abuse.  Otherwise, they file for Chapter 13.

Fraud in the inducement is only valid against an ordinary holder, not a holder in due course.