Business Studies, asked by ekhlaquehussain7376, 1 year ago

Discuss the basic characteristics of hire purchase

Answers

Answered by safromansm
0
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
Answered by FuzzieGirl
8

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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