Discuss the basic characteristics of hire purchase
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in hire purchase by its name .
for eg u want to get hired for a job but ....
before joining u need to pay to get hired .
for eg. typing job online needs some investment before getting job started earn money . that's it hope u got the answer
for eg u want to get hired for a job but ....
before joining u need to pay to get hired .
for eg. typing job online needs some investment before getting job started earn money . that's it hope u got the answer
Answered by
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Answer:
Characteristics Of Hire Purchase System
Basic characteristics of hire purchase system are :-
- Hire Purchase System starts with an agreement for contract , which further turns into sales.
- Goods are purchased and sold on credit basis.
- Purchase price is to be paid in installments.
- Buyer can use these goods as rent.
- Seller remains the owner till the last installment is paid by the buyer.
- Buyer can become owner of the good only after paying the last installment.
- Seller is responsible for the repair and maintenance for the goods till the last payment is done by the buyer.
- Seller can take the goods back with the prepaid amount if the buyer fails to pay the amount in installment.
hope it may help you...
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