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WAEC Commerce 1992 Question 37

Question 37

Purchase and Sale of Goods

A sales agreement whereby the buyer takes possession but not title to goods is called

  1. A.mortgage
  2. B.auction sale
  3. C.deferred payment
  4. D.hire purchase
  5. E.warranty
Show the answer and explanation

Answer: D (hire purchase)

Explanation

Under hire purchase the buyer uses the goods at once but ownership passes only after the last instalment is paid.