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WAEC Commerce 1993 Question 66

Question 66

Purchase and Sale of Goods

An instalmental buying system where ownership immediately transfers to the buyer is known as

  1. A.deferred payment
  2. B.hire-purchase
  3. C.spot buying
  4. D.cash sales
  5. E.prompt payment
Show the answer and explanation

Answer: A (deferred payment)

Explanation

Under deferred payment (credit sale) ownership passes at once, unlike hire purchase.