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WAEC Commerce 1999 Question 42

Question 42

Purchase and Sale of Goods

A hire purchase transaction becomes a sale when the

  1. A.hirer accepts the hire purchase terms
  2. B.finance company agrees to pay
  3. C.hirer takes possession of goods
  4. D.hirer pays full cost of the goods
Show the answer and explanation

Answer: D (hirer pays full cost of the goods)

Explanation

Ownership passes when the hirer has paid the full price.