Hire Purchase Agreements
Read the short text about hire purchase agreements, then select the correct option from the list to complete (1) ….. to (10) ….. .
Hire purchase is an arrangement for buying expensive ___1___ goods. When you enter into a hire purchase agreement, the goods are bought on ___2___; payment is by ___3___, ownership of the goods ___4___ with the seller until payment has been made in full and does not pass as soon as the goods comes into the ___5___ of the buyer.
A hire-purchase agreement has to include following information: the contracting parties, an object of the sale and ___6___ terms, a price and payment terms, information about the competent authority to settle the account between the seller and the buyer for the hire purchase, a retention of ___7___ (ROT) clause that the seller has the ___8___ of the object of the sale until the purchase has been fully paid.
It is important to distinguish between hire purchase agreements and leasing contracts. The key difference between them is that you will ___9___ your consumer good at the end of a hire purchase agreement. In contrast, when you lease something, once the contract term is over the lessee usually has a choice of ___10___ the lease, returning the asset, or introducing a buyer for the asset.
Now, press the START button to select the correct option from the list to complete (1) ….. to (10) ….. .
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