Question

In case of Hire purchase Agreement during the hiring period.

• A. The goods are in the possession of the hirer but the ownership of goods is with the original owner.
• B. The goods are with the original owner but are rept: for some purpose of hires
• C. The goods are in the possession of the original owner but the ownership is of the hires
• D. None of the above.

Answer 1

The correct option is A The goods are in the possession of the hirer but the ownership of goods is with the original owner.

Hirer is the party availing the facility in the hire- purchase agreement. Under hire-purchase agreement, the goods are let on hire and in accordance with the terms of the agreement hirer can purchase the good.In case of Hire purchase Agreement during the hiring period the goods are in possession of the hirer but the ownership of the goods is with the original owner.