Difference between hire purchase and bailment
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Hire purchase :
It is actually a method for buying of different goods by pay the amount in the installment over the certain decided period .
In this even after getting the goods under agreement the buyer does not become it's owner until he pays it's total amount as per contract.
Bailment:
It is actually the transfer of particular property or good one person to another because of certain reasons . In this person who is getting the good is known as "bailee" . The bailee does not become the owner of that property or good which he received .
One the reason of the bailment may be the safekeeping.
It is actually a method for buying of different goods by pay the amount in the installment over the certain decided period .
In this even after getting the goods under agreement the buyer does not become it's owner until he pays it's total amount as per contract.
Bailment:
It is actually the transfer of particular property or good one person to another because of certain reasons . In this person who is getting the good is known as "bailee" . The bailee does not become the owner of that property or good which he received .
One the reason of the bailment may be the safekeeping.
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