What type of security interest was created for the furniture

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Reference no: EM133322452

Case: On July 12, 2016, Tim Johnson and Bob's Furniture Store entered into a written agreement in which Tim would buy a bed, and dresser set for $1,500. Tim purchased the furniture for his apartment through credit with Bob's Furniture Store. The terms of the agreement were no money down, and first payment due September 12, 2016. Tim signed the agreement and the furniture was shipped to his home on July 15, 2016. On August 21, 2016 Tim lost his job. By the time the first due date for the furniture came, Tim had no money to make the payment. Tim has not made a payment in six months.

Question a. What type of security interest was created for the the furniture?

Question b. What can Bob's Furniture Store do to recover their loss?

Question c, Describe the restrictions Bob's Furniture Store has.

Reference no: EM133322452

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