Which of the Following Statements Regarding a Hire-Purchase Agreement Is

question 61

Multiple Choice

Which of the following statements regarding a hire-purchase agreement is correct?

• A) They are normally used to provide motor vehicles to employees as part of salary packages.
• B) Equipment is purchased by a financial institution which then hires the equipment to the entity for use during the agreement period.
• C) They are non-cancellable.
• D) Ownership of the hire equipment stays with the financial institution at the end of the agreement period.

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Definitions:

International Sale Of Goods

The sale transaction of goods between parties located in different countries, governed by various international laws and conventions.

Consequential Damages

Indirect losses or damages that result from a breach of contract, beyond the immediate harm.

Nonconformity

The failure of a product or service to meet specified standards or expectations.

Revoke Acceptance

The act of retracting approval of a contract or agreement, particularly in circumstances where the offered goods or services are found to be substantially non-conforming.