Examlex
Assume that a car owner contracts with a mechanic to have his engine overhauled.The mechanic mistakenly used original equipment quality piston rings in doing the overhaul,whereas the contract had called for the use of premium-quality rings that are better than original equipment quality.Which of the following is true?
Registration
The act of recording information, such as ownership of property or a vehicle, in an official public registry or database.
Security Interest
A legal right or claim on assets granted to creditors to secure loan repayments, typically collateralized by the asset itself.
Perfected
Refers to the completion of all necessary legal steps or procedures to enforce rights, often used in the context of securing interests in collateral under law.
Possession
The act of having physical control over property or goods, with or without the right to own them.
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