Jose borrowed $5000 from circle finance. circle finance took Jose's jewelry collection as collateral. The contract Jose signed to pledge his jewelry collection as collateral is known as a security agreement.
A contract is referred to as any type of agreement that is enforceable by law contains all the conditions of a valid contract that involves two parties, mutual consent and value to contract.
The contract signed to pledge by Jose about the collection of jewelary as collateral is known as a security agreement which emphasizes that a document is issued when the lender is provided with security interest with certain obligations to the borrower.
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