An agreement by which a buyer pays instalmentally but does until final settlement is made is?

Assessment: WAEC SSCE - Commerce - 2002 (Objective) Subject: Commerce

Question 1 Report

An agreement by which a buyer pays instalmentally but does until final settlement is made is?
Answer Details
The correct answer is "hire purchase". Hire purchase is an agreement between a buyer and a seller in which the buyer makes a down payment and then pays the remaining balance in instalments, typically with interest, until the full purchase price is paid. However, the buyer does not own the item until the final payment is made. This means that the seller can repossess the item if the buyer misses payments.
Read lesson note on Purchase And Sale Of Goods (JAMB)
Read lesson note on Commerce (JAMB)
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