The buyer in a hire purchase contract becomes the legal owner of the goods by paying
Answer Details
The buyer in a hire purchase contract becomes the legal owner of the goods by paying the last installment. Hire purchase is a type of agreement where a buyer agrees to pay for goods in installments over a period of time. The buyer takes possession of the goods at the beginning of the agreement but does not become the legal owner until the final installment is paid. Once the buyer makes the final payment, they take full ownership of the goods. Until then, the seller retains legal ownership and has the right to repossess the goods if the buyer fails to make the payments. The last installment is usually the largest and represents the final payment required to complete the purchase. Once this payment is made, the buyer obtains full ownership rights and can use or dispose of the goods as they see fit.