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What Is The Meaning Of Hire Purchase System? |
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Answer» Hire-purchase system is a special system of purchase and sale of goods. Under this system purchaser pays the price of the goods in INSTALMENTS. The instalments may be ANNUAL, six monthly, quarterly, monthly FORTNIGHTLY ETC. Under this system the goods are delivered to the purchaser at the time of agreement before the PAYMENT of instalments but the title on the goods is transferred after the payment of all instalments as per the hire-purchase agreement. Hire-purchase system is a special system of purchase and sale of goods. Under this system purchaser pays the price of the goods in instalments. The instalments may be annual, six monthly, quarterly, monthly fortnightly etc. Under this system the goods are delivered to the purchaser at the time of agreement before the payment of instalments but the title on the goods is transferred after the payment of all instalments as per the hire-purchase agreement. |
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