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.