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.

---

Definitions:

Vascular Volume

The total volume of blood contained within the body's network of blood vessels, crucial for maintaining blood pressure and adequate tissue perfusion.

Osmosis

The movement of water molecules through a semipermeable membrane from an area of lower solute concentration to an area of higher solute concentration.

Electronic Device

A gadget powered by electricity, often containing circuitry and used for purposes such as communication, computation, or entertainment.

Intravenous Fluid

A liquid substance administered directly into the vein to replace lost fluids, provide nutrients, or administer medications.