Question

Differentiate between deferred instalment and hire purchase methods of sale. plz answer dis

Answer 1

In hire purchase system, the nature of contract is an agreement of hiring but in installment payment system, it is an agreement of sale. In hire purchase system, the title of the goods is passed onto the buyer after the payement of the final installment but in case of installment payment system, the title of goods passes immediately. In hire purchase system, if the buyer fails to pay any of installment, the goods can be repossessed by the seller which is not possible in installment method. In hire purchase system, the buyer may return the goods without further payment, except for accrued installment which is not possible in case of installment payment.

Answer 2

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