Need help in preparing a 400 word discussion with the following scenario.
The law firm is in the process of purchasing a number of new company desktop computers, printers, notebook computers and servers. The firm is planning to borrow money from a bank to complete the transaction. The IT manager who is in charge of the transaction does not understand what type of contract the company is entering into with the bank, or what most of the legal terminology means. The supervising partner needs to prepare an outline to assist the IT Manager. Specifically, the supervising partner needs to explain secured and unsecured debt and what occurs if the firm defaults on the agreements to purchase the technology equipment.