Transfer of ownership of goods sold under Hire Purchase System takes place when ____ paid.

Source: JAMB · 2024

Transfer of ownership of goods sold under Hire Purchase System takes place when ____ paid.

  1. a quarter of the total price is
  2. half of the total price is
  3. the final instalment is paid ✓
  4. two instalment have been
Explanation

In hire purchase, you use the goods while paying in instalments. But you only own them after the final payment.

The seller keeps ownership until all payments are complete. If you stop paying, they can take it back.

Ownership transfers only when you make the last payment.

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