Identify Which of the Following Statements Correctly Describes a Hire-Purchase

question 62

Multiple Choice

Identify which of the following statements correctly describes a hire-purchase agreement.

• A)The contract does not create a bailment and the hirer has no contractual obligation to pay the purchase price.
• B)The contract gives the hirer a lien on the goods preventing the owner from selling the goods to another.
• C)This is simply another name for a chattel mortgage on an automobile.
• D)The contract creates a bailment,but the hirer has a contractual obligation to pay the purchase price.
• E)The contract creates a bailment and the hirer has an option to purchase the item at the end of the stipulated term.

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Definitions:

Interpersonal Skills

Abilities used by individuals to interact effectively and harmoniously with other people.

Transformational Style

A leadership approach focused on inspiring and motivating followers to exceed their own interests for the good of the group or organization by effecting significant change.

Relationship Oriented

A leadership or organizational approach that focuses on building strong interpersonal relationships and valuing the well-being of team members.

Servant Leader

A servant leader prioritizes the needs of their team or organization before their own, focusing on the growth and well-being of their colleagues and the community they serve.