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Room & Board sells children's furniture at retail outlets. On March 1, Room & Board asked Whitney Bank to loan it $100,000, to be distributed on April 1 and payable on March 1 two years later. Whitney Bank agreed. Whitney Bank prepared the loan documents, which provided that Room & Board granted Whitney Bank a security interest in all of its "inventory of furniture, now owned or hereafter acquired." Both parties signed the loan documents. At this point, do the parties have a security agreement?Group of answer choices:a) No, because the loan documents did not describe the collateral sufficiently.b) No, because Room & Board does not have rights in the collateral that has not been acquired. c) Yes.d) No, because the value has not been given.
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