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Marketing Responsibilities

Belinda is in the market for a used car. She enjoys the color silver and is specifically looking for any silver vehicle. She finds a 2002 Ford Taurus at Useit Used Car Sales that meets her color specification. The purchase price for the used Ford Taurus is $9,600.00. Belinda does not have the cash available for this transaction. As it turns out, Useit Used Car Sales is willing to sell her the vehicle on credit. Useit Used Car Sales enters into a contract with Belinda for the sale of the silver 2002 Ford Taurus. The security agreement describes the collateral as a “Silver 2002 Ford Taurus.” Has a security interest attached as to that vehicle? Why or why not? What are Belinda’s responsibilities? What are Useit Used Car Sales responsibilities?

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Category: Sample Questions