WAEC - Commerce (2012 - No. 34)
The buyer in a hire purchase contract becomes the legal owner of the goods by paying
initial deposit
the last installment
half of the purchase price
two-third of the purchase price
Explicaţie
Hire purchase is a system by which one pays for a thing in regular installments while having the use of it. The buyer becomes the overall owner of the property when the last installment has been paid.