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Hire Purchase and Installment Sale Transactions Quiz

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Ownership of the goods is transferred immediately in Hire Purchase, but after a year in Installment System
Ownership of the goods is transferred after payment of outstanding balance in Installment System, but not in Hire Purchase
Ownership of the goods is never transferred in Hire Purchase, but is transferred on the date of delivery in Installment System
Ownership of the goods is transferred after payment of outstanding balance in Hire Purchase, but on the date of delivery in Installment System (correct)

Ownership of the goods is never transferred
Goods are leased, not purchased
Ownership of the goods is transferred immediately upon first installment payment
Ownership of the goods is transferred after payment of outstanding balance (correct)

Ownership is transferred after payment of outstanding balance in Installment System, but not in Hire Purchase
Ownership is transferred after payment of outstanding balance in Hire Purchase, but on the date of delivery in Installment System (correct)
Ownership is transferred immediately in Hire Purchase, but after a year in Installment System
Ownership is never transferred in Hire Purchase, but is transferred on the date of delivery in Installment System