A transaction where the buyer of a commodity becomes its legal owner after the payment of the last installment is

Assessment: WAEC SSCE - Commerce - 2008 (Objective) Subject: Commerce

Question 1 Report

A transaction where the buyer of a commodity becomes its legal owner after the payment of the last installment is
Answer Details
The transaction described in the question is called "hire purchase". Hire purchase is a type of transaction where the buyer makes a down payment and then pays off the remaining amount in installments over a period of time. The buyer is allowed to use the commodity or product during the repayment period but does not become the legal owner until the last installment is paid. At that point, the ownership of the commodity is transferred from the seller to the buyer.
Read lesson note on Commerce (JAMB)
View Answer

Related Questions

1

Commerce can be defined as the
2

A grocer invoiced a carton of fish valued at #2,500 for #2,000 only. To correct the error, which of the following documents will be sent to the buyer?
3

Babou Penn, a fisherman says he has all necessary materials to go to sea today, except the captain of his boat . Captain here as a factor of production refer...
4

Production is defined as
5

Which of the following is not a function of commerce?
6

The process of making goods attractive and easy to handle is
7

Farmers and all other workers concerned with getting raw materials from the earth are engaged in
8

The charges imposed by the government on locally manufactured goods is called

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning