Under a _____________ Agreement Title in the Goods Passes to the Buyer

question 28

Multiple Choice

Under a _____________ agreement title in the goods passes to the buyer when the _______________ but under a _______________ agreement title passes to the buyer when the __________________.

• A) conditional sale; buyer opts to exercise the purchase; hire-purchase; final payment is made
• B) hire-purchase; seller opts to exercise the purchase; conditional sale; final payment is made
• C) hire-purchase; seller opts to exercise the purchase; chattel mortgage; final payment is made
• D) hire-purchase; buyer opts to exercise the purchase; chattel mortgage; final payment is made
• E) hire-purchase; buyer opts to exercise the purchase; conditional sale; final payment is made

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Definitions:

Circular-Flow Diagram

A visual model that shows how goods, services, and money move through the economy in a continuous, circular flow between households and firms.

Money

A medium of exchange used to facilitate transactions for goods and services.

Goods and Services

The products and activities offered by businesses to satisfy economic needs or wants; goods are tangible items, while services are intangible acts or performances.

Factors of Production

Resources used in the production of goods and services, typically categorized into land, labor, capital, and entrepreneurship.