L4M7 Exam Dumps | Under a Hire Purchase Agreement, ownership is transferred to the hirer...

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Question 104

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Question 104/121

Under a Hire Purchase Agreement, ownership is transferred to the hirer...

A. at the beginning of the contract

B. when all installments have been paid

C. when half the installments have been paid

D. if the items are damaged by the hirer

Correct Answer: B

In a Hire Purchase Agreement, ownership of the asset transfers only after all installments are fully paid.
This financing option allows organizations to use an asset immediately while spreading out payments. In whole-life asset management, hire purchase is suitable for assets with long service lives, allowing organizations to use them without a large initial investment.

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