​When a person picks out a custom necktie and purchases it, the transaction involves fungible goods.

 The phrase “time is of the essence” means that:​

An injured party who rescinds a contract after having performed services may recover the reasonable value of the performance rendered under restitutionary or quasi-contractual damages.

​If shipped goods are damaged or destroyed after risk of loss passes:

Joint tenancy and tenancy in common both feature the right of survivorship.

​In an FOB shipment contract, title to the goods pass to the buyer when goods are delivered to the carrier.

For the parties to enter into an accord and satisfaction that discharges the original obligation, there must be a bona fide dispute.​

​ “Without reserve” auctions give the auctioneer the right to withdraw the goods from the sale process if the bids are not high enough.

In states that follow the community property tradition, property acquired after the marriage belongs solely to the party who acquired it.

​When a party expressly declares before the time for performance arrives that the contract will not be performed, such a declaration is called an anticipatory repudiation.