Sid enters into a security agreement with Nick, but he does not have Nicks collateral in his possession. What does Sid need to have to secure his agreement? O Sid needs to have a description of Nick's employment history on the security agreement. O Sid needs to have a description of Nick's credit history on the security agreement. Sid needs to have some other substitute collateral in his possession. O Sid needs to have Nick's signature on the security agreement. QUESTION 2 Suppose that for his collateral in the security agreement, Nick offers Sid his mother's beautiful pearl and emerald necklace. In this case: O The agreement is valid because Nick has given something of value. The agreement is not valid because Nick has to offer collateral that would be worth more than a pearl and emerald necklace. The agreement is not valid unless Nick has a legal right, or legal interest, in the necklace O The agreement is valid because Nick has perfected his interest by using family property