Write the essentisl chatacterstic of hire-purchase system
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The purchase method in which buyer pay the amount of goods to seller in the form of installments is called hire purchase system... Installments may be paid by buyer monthly, weekly or QUARTLY...
Charterstics of hire purchase system are - -
1)) Amount paid in the form of installments by the buyer to seller.
2)) Ownership on goods can't transfer till the last installment by the buyer.
3)) Goods are delivered to buyer by the seller at the time written on agreement.
4)) Special system of purchase and sale of goods and services.
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Charterstics of hire purchase system are - -
1)) Amount paid in the form of installments by the buyer to seller.
2)) Ownership on goods can't transfer till the last installment by the buyer.
3)) Goods are delivered to buyer by the seller at the time written on agreement.
4)) Special system of purchase and sale of goods and services.
^_^❤
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Answer:
Characters Of Hire Purchase System
Essential characteristics of Hire Purchase System are :-
- Hire Purchase System is an agreement for contract.
- Price is to paid in fixed Installment within an agreed time period.
- Ownership remains with the Seller.
- Goods are delivered to the Costumers for use as rent.
- Seller or Vendor have a Right to take the goods back, if a costumer fails to pay the amount in installments.
- Costumers has a right to use those goods.
- Costumer becomes the owner of the goods only after paying the last installment.
- Seller is responsible for the repair and maintenance of the goods till the last installment is paid by the Costumer.
- Costumer can't transfer the goods to any third party before the payment of last installment.
hope it may help you...
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