Question on: JAMB Commerce - 2024
Transfer of ownership of goods sold under Hire Purchase System takes place when
A
two instalment have been
B
a quarter of the total price is
C
half of the total price is paid
D
the final instalment is paid
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Correct Option: D
Under a Hire Purchase System, the ownership of the goods is transferred to the buyer only after the final installment is paid. Before that, the seller retains ownership.
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