A Buyer in an Ordinary Course of Business Has Priority

question 38

True/False

A buyer in an ordinary course of business has priority over a perfected security interest.

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Definitions:

Performance

In contract law, the situation that exists when the parties to a contract have done what they had agreed to do.

Tender of Performance

An offer by one party to perform their obligations under a contract, typically involving the offer to pay a sum of money or to perform a specific act.

Cashier's Check

A check guaranteed by a bank, drawn on the bank's own funds and signed by a cashier, often used for significant transactions where the payment needs to be secure.

Keys

Objects that are used to operate locks, typically to secure doors, gates, or other secured entities.