Robin wanted to borrow money from Citibank to start a small business, but was told that he had to have some collateral for the loan. He asked his mother whether he could use her diamond wedding ring as collateral for a loan. His mother agreed. Robin then signed a loan agreement with Citibank which described Robin's mother's diamond ring as the collateral. The agreement provided that Citibank could repossess the wedding ring if Robin failed to pay back the loan. Unfortunately, Robin's business idea did not work out and he defaulted on his loan. Citibank now wants to repossess the wedding ring. Which of the following statements is correct?Group of answer choices:a) Citibank can repossess the wedding ring because the parties signed a loan agreement.b) Citibank cannot repossess the wedding ring because Citibank failed to give value.c) Citibank can repossess the wedding ring because Robin failed to pay back the loan.d) Citibank cannot repossess the wedding ring.

Then try StudyFetch, the AI-powered platform that can answer your questions and teach you more about it!