Under the UCC, a change in an existing contract must be based on consideration.
Under the common law, a contract can be discharged for circumstances beyond the
control of the parties if the contract contains a(n) ____________________.
A check made out to “cash” is considered to be an order instrument.
The proceeds of a life insurance policy payable to a spouse cannot be disposed of by
will.
The most important influences on the development of law today are criminal law and
civil law.
The federal court system varies from one area of the country to another.
Trella purchased a $1,200 piano on credit from the Corbett Company, signing a security
agreement. Months later, Trella missed one payment. Corbett repossessed the piano and
billed Trella for the balance of $300. Trella claimed that the piano was worth more than
$300 and asked Corbett to sell it and return any excess money to her. Corbett refused.
Was Corbett correct to refuse?
If a bank wrongfully dishonors a depositor’s check, the bank is liable only to the holder.