- 1 Marks
Question
In hire purchase transaction, the hirer is put in possession of goods on payment of the consideration known as ____________.
Answer
Instalment
Explanation:
In a hire purchase agreement, the Instalment is an upfront payment made by the hirer, which grants them possession of the goods while ownership remains with the seller until the full payment is completed.
- Tags: Consideration, Hire Purchase, Possession
- Level: Level 1
- Topic: Hire Purchase and Consumer Credit Transactions
- Series: MAY 2014
- Uploader: Theophilus