In 1992, Donna Smith telephoned Clark, the manager of Penbridge Farms, in response to an advertisement Clark had placed in the July issue of the Emu Finder about the availability for sale of proven breeder pairs. Clark told Smith that he had a breeder pair available. Clark sold the pair to Smith for $16,500. Some months later, after Smith had had a chance to inspect the pair, she discovered that Clark had sold her two males. Smith immediately notified Clark and revoked her acceptance of the animals. Clark said the revocation was too late. Was it?

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan