Question 50
Purchase and Sale of GoodsA contract to take possession of goods on instalmental payment with the option to transfer ownership after full payment is known as
- A.credit sale
- B.conditional sale
- C.hire purchase
- D.trade-in sale
- E.leasing
Show the answer and explanation
Answer: C (hire purchase)
Explanation
Hire purchase gives possession at once and ownership after the final instalment.