JAMB Commerce 2021 Objective — Question 35

Question 35 of 40 from the Joint Admissions and Matriculation Board (JAMB) Commerce 2021 Objective paper, with the correct answer and a full explanation.

35. In hire purchase, ownership is transferred a. When first instalment is paid b. When last instalment is paid c. When half of the value is paid d. When good is hand over to buyer

A. When first instalment is paid
B. When last instalment is paidCorrect
C. When half of the value is paid
D. When good is hand over to buyer

Explanation

In hire purchase, the buyer is in possession of the goods, but ownership remains with the seller until the final (last) instalment is paid.

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