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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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WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Post UTME Past Questions Agent