JAMB - Commerce (2025 - No. 23)
A contract to take possession of goods on installment
trade-in-sale
hire purchase
conditional sale
credit sale
Explication
A hire purchase contract is a type of contract where the buyer takes possession of goods and pays in installments. The ownership
of the goods is transferred only after the full payment is made. Therefore, a contract to take possession of goods on installment is a
hire purchase contract.
of the goods is transferred only after the full payment is made. Therefore, a contract to take possession of goods on installment is a
hire purchase contract.