Owen is given value by Payday Sales Company in the form of a commitment to sell goods on credit. In terms of creating an enforceable security interest, this is
A) the only requirement.
B) a factor but not a requirement.
C) irrelevant.
D) one of the requirements.

Question

Quizplus · Accepted Answer

Owen's commitment to sell goods on credit is considered an account receivable, which is a type of collateral that can be used to create a security interest. However, it is not the only requirement - the security agreement must also be in writing, signed by both parties, and provide a description of the collateral.

Owen Is Given Value by Payday Sales Company in the Form