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The buyer in a hire purchase contract becomes the legal owner of the goods by…

The buyer in a hire purchase contract becomes the legal owner of the goods by paying

  • A.
    initial deposit
  • B.
    the last installment
  • C.
    half of the purchase price
  • D.
    two-third of the purchase price
Correct Answer: Option B
Explanation

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.