Explain the following : (a) Hire purchase System (b) Instalment method.
Explain the following :
(a) Hire purchase System
(b) Instalment method.
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(a) Hire purchase Method- It is the agreement of hiring goods. Under this method the ownership is transferred after the payment of last instalment. In this method buyer cannot transfer goods.
(b) Instalment method- It is the agreement of sale. Under this method ownership is transferred after signing the agreement. In this buyer can transfer goods.
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