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WAEC Commerce 2002 Question 23

Question 23

Purchase and Sale of Goods

An agreement by which a buyer pays instalmentally but does not own the goods until final settlement is made is

  1. A.hire purchase
  2. B.deferred payment
  3. C.conditional sale
  4. D.features trading
Show the answer and explanation

Answer: A (hire purchase)

Explanation

Under hire purchase, ownership passes only when the last instalment is paid.