A contract to take possession of goods on installment payment with the option to transfer ownership after full payment is known as

A contract to take possession of goods on installment payment with the option to transfer ownership after full payment is known as a hire purchase. In a hire purchase agreement, the buyer takes possession of the goods immediately but pays for them in installments. The seller retains ownership of the goods until the final payment is made, at which point ownership is transferred to the buyer. This type of arrangement is commonly used for expensive items like cars, household appliances, and electronics.