If a seller elects to resell the goods remaining in the seller's possession after the buyer breaks the contract, the seller:
A) must always give notice of the sale to the original buyer.
B)is never required to give notice of the sale to the original buyer.
C)is required to follow strict standards in the resale of the goods.
D) is not required to give notice of the sale to the original buyer when the goods are perishable.
Question 2
Zack Peyton borrowed 398,000 from Fifth First Bank to purchase a new home. Zack gave First Bank a mortgage on his home. The mortgage was recorded on January 3, 2014. Zack had made a down payment of 42,000. When Zack moved in, he purchased an in-ground swimming pool from Paddock Pools for 35,000. Zack paid Paddock 4,000 and Paddock financed the remaining amount for him, recording a mortgage for 29,000 on February 26, 2014. Zack needed window coverings, landscape, and some new furniture. Wells Fargo gave Zack a 150,000 home equity line of credit, secured by a mortgage on Zack's home for 150,000. Wells Fargo recorded the home equity credit line mortgage on February 1, 2014. Zack, because of a bonus at work, did not draw on the line of credit until June 10, 2015, using 25,000. The economy went south somewhere around September 2015. The value of Zack's home dropped by almost 50. Zack lost his job. He could no longer make his payments. Fifth First Bank served Zack with a notice of foreclosure on November 1, 2015. Suppose Tommy moves into Zack's house and begins getting notices from Paddock and Wells Fargo about amounts due from Zack's period of ownership.
A)Tommy is required to pay those amounts because what he paid for the house did not satisfy what was due to all the creditors.
B)Tommy needs to sign a mortgage with these creditors to renew their mortgages in the property.
C)Tommy is not liable to these creditors for what Zack owed.
D)Paddock and Wells Fargo now have their right to foreclose on the property.
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