If a Buyer Purchases Chattel Paper in the Ordinary Course

question 62

True/False

If a buyer purchases chattel paper in the ordinary course of business and without notice of any prior security interest,the buyer can obtain the good involved free of any security interest.

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Definitions:

Invitation to Treat

An invitation for parties to make offers or negotiate, which itself does not bind the parties to a contract.

Newspaper Offer

A promotional or sales offer made through a newspaper, typically involving products or services at discounted rates.

Revocation

The official cancellation or withdrawal of an offer, agreement, or license, rendering it null and void.

Communicated

The act of conveying, transmitting, or exchanging information or ideas through various means.