The buyer in a hire purchase contract becomes the legal owner of the goods by...

Commerce

WAEC 2012

The buyer in a hire purchase contract becomes the legal owner of the goods by paying

A. initial deposit
B. the last installment
C. half of the purchase price
D. two-third of the purchase price

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Correct Answer: Option B

Explanation

Hire purchase is a system by which one pays for a thing in regular installments while having the use of it. The buyer becomes the overall owner of the property when the last installment has been paid.

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The buyer in a hire purchase contract becomes the legal owner of the goods by...

Correct Answer: Option B

Explanation

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