CMR108 Class 7 Assignment

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1.List 3 main differences between a UCC Article 2 contract and a contract formed under common law.HINT: These differences enable parties to make a contract quickly and informally.

2.What is the difference between an express warranty and an implied warranty?

3.How can a seller avoid application of a warranty?

4.What 6 things make an instrument a negotiable instrument?

5.What is the benefit of being a holder in due course?

6.What three steps are necessary to create an enforceable security interest?

7.Why is it important to “perfect” an interest in collateral?

8.What are the 3 rules to establish which creditors have a better claim to collateral?

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