Good and services transferred from seller to buyer without i…

JAMB Commerce 2023 193 views
Source: JAMB · 2023

Good and services transferred from seller to buyer without immediate payment is referred to as

  1. hire purchase
  2. mutual understanding
  3. credit sale ✓
  4. leasing
Explanation

In a credit sale, the buyer takes the goods now and pays later. Ownership passes at once.

Hire purchase is different: you pay in instalments and only own the item after the last one.

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