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WAEC Commerce 1997 Question 20

Question 20

Purchase and Sale of Goods

In which of the following do the goods become the property of the buyer on the payment of first instalment?

  1. A.Hire-purchase
  2. B.Deferred payment
  3. C.Leasehold
  4. D.Cash with order
  5. E.Forward trading
Show the answer and explanation

Answer: B (Deferred payment)

Explanation

Under deferred payment ownership passes at once; under hire purchase only at the last instalment.