answersLogoWhite

0

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.

User Avatar

Wiki User

12y ago

Still curious? Ask our experts.

Chat with our AI personalities

ReneRene
Change my mind. I dare you.
Chat with Rene
FranFran
I've made my fair share of mistakes, and if I can help you avoid a few, I'd sure like to try.
Chat with Fran
CoachCoach
Success isn't just about winning—it's about vision, patience, and playing the long game.
Chat with Coach

Add your answer:

Earn +20 pts
Q: Distinguish between the Bailment and hire purchase?
Write your answer...
Submit
Still have questions?
magnify glass
imp