In personal property security jurisdictions, the concept of a PMSI (purchase money security interest) is recognized. What constructive role may this concept play in the conduct of business? Create a specific fact situation in which you illustrate your answer.

Explain what you think the authors Fuller and Perdue (1936:58) meant in the following quotation: "If a contract represents a kind of private law, it is a law which usually says nothing at all about what shall be done when it is violated. A contract in this respect is like an imperfect statute which provides no penalties, and which leaves it to the courts to find a way to effectuate its purposes".