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1. hire purchase(HP) is an agreement of hire, whereas credit sales is an agreement of sale.
2. ownership of goods is transferred from hire vendor to hire purchaser only when the last installment is paid, but in sales, ownership is transferred immediately to the buyer.
3. price is paid by the hire purchaser through installment which is treated as hire, but in sales price is paid in lumpsum or according to the agreement of sale.
4. the hire vendor can repossess the goods on default. but in sales the seller cannot take back the goods, whatever is the case.
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What is the difference between hire purchase and installment sales?
Whd0
What are the differences between hire purchase transaction and deferred payment?
give three similarities and three difference between hire purchases and deferred payment
When was the Origin or development of hire purchase?
origin and development of hire purchase
What is the difference between hire purchase and bank credit?
With bank credit, you are buying it - and making monthly payments to the bank which loaned you the money. With hire/purchase, you are buying it on a month-by-month basis, and paying the person who owns it once a month, until it is "paid off" and you then own it. Surprisingly, "hire/purchase" frequently turns out to be the more expensive of the two in the long run.
What are the advantages and disadvantages of hire purchase?
someone answer it!
