Explain the following two methods of purchase of goods:a) Instalment M

1.	Explain the following two methods of purchase of goods:a) Instalment Method b) Hire Purchase Method
Answer» Following are the methods used in case of purchase of goods: a) Hire Purchase Method: It is the agreement of hiring goods. Under this method ownership is transferred after the payment of last instalment. In this method buyer cannot transfer goods. b) Instalment System: It is agreement of sale. Under this method ownership is transferred after signing the agreement. In this buyer can transferor goods.

Explain the following two methods of purchase of goods:a) Instalment Method b) Hire Purchase Method

Answer»

Following are the methods used in case of purchase of goods:

a) Hire Purchase Method: It is the agreement of hiring goods. Under this method ownership is transferred after the payment of last instalment. In this method buyer cannot transfer goods.

b) Instalment System: It is agreement of sale. Under this method ownership is transferred after signing the agreement. In this buyer can transferor goods.

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Explain the following two methods of purchase of goods:a) Instalment Method b) Hire Purchase Method

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