Question

The seller gets the right to take back
of goods in case of default in payment in
hire purchase transaction.
a) Replacement
b) Possession
C)Hire charges
d)Amount​

Answer 1

Answer:

Hire changes

Explanation:

Please follow me please please please please

Answer 2

The correct answer is OPTION B: Possession.

• A hire purchase agreement is one in which the buyer pays a deposit and then pays the remaining balance plus interest in monthly payouts.
• The term "hire purchase" is commonly used in the United Kingdom, although "payout plan" is more commonly used in the United States.
• However, there is a distinction to be made: when the seller signs the contract, the buyer gains ownership rights.
• Ownership of the product does not get forwaded to the buyer until all payments have been made in a hire purchase agreement.