Exam (elaborations)
Aviation Law (Chapter 11 and 12)- Questions & Answers
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Aviation Law (Chapter 11 and 12)- Questions & Answers
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Aviation Law (Chapter 11 and 12)-Questions & Answers
How does a person "perfect" a non-possessory security interest in an aircraft Correct Ans-By
recording it at the FAA Aircraft Registry
If a security agreement/interest is not recorded, is the agreement enforceable against a
subsequent purchaser who is unaware of the security agreement/interest Correct Ans-No; so
long as the purchaser did not know of the security agreement/interest
What is the rule governing priority between holders of recorded security interest Correct Ans-
"First in time, first in right"
Must an express warranty be in writing to be enforceable Correct Ans-No
What are two types of implied warranties under the UCC Correct Ans-Merchantability and
Fitness for a particular purpose
Which type of warranties may not be disclaimed Correct Ans-Express warranties
What is a lease Correct Ans-An agreement to allow a person, not the owner, to use the
owner's property
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