Suggested Time to Complete: 36 minutes
Henry the Lawyer’s Loans – Difficult
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This question should be answered using three IRAC structures. Please include all key words in your answer.
Henry, a lawyer, takes out three loans. For the first loan, Henry puts up his television as collateral. The television was purchased by Henry for his home, but he occasionally takes the television to his law firm to play movies for the children of clients. For the second loan, Henry puts up as collateral a pallet of comic books that one of his clients, a bookseller, gave to the law firm. For the third loan, Henry puts up his own bicycle, which he originally purchased for the law firm to use for deliveries. However, Henry now only rides the bicycle for leisure on weekends.
How should each of the above collateral be classified?
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To provide the most accurate and beneficial review, critique, and feedback to your writing, please topic label each sentence of your answer, as seen below, prior to submitting.
To answer this question, you should think about and discuss whether the television should be classified as equipment or consumer goods, whether the comic books should be classified as inventory or consumer goods, and whether the bicycle should be classified as equipment or consumer goods.
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