Hire Purchase and Installment Sale Transactions Quiz

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

<p>Transferred after payment of outstanding balance</p> Signup and view all the answers

<p>After payment of outstanding balance</p> Signup and view all the answers