BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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insurance contracts, phone contracts, home conracts and hire purchase agreements
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insurance contracts, hire purchase agreements, lease contracts and employment contracts
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Detailed explanation-1: -There are two main types of hire purchases based on the functional purpose of the asset involved. These types are the consumer and industrial hire purchase agreements.
Detailed explanation-2: -Hire purchase (HP) or leasing is a type of asset finance that allows firms or individuals to possess and control an asset during an agreed term, while paying rent or instalments covering depreciation of the asset, and interest to cover capital cost.
Detailed explanation-3: -A hire agreement sometimes, referred to as a work for hire agreement, is a legal agreement between a company and a contractor that allows a company to keep the rights of works created by the contractor during their business relationship.
Detailed explanation-4: -The main features of a hire purchase agreement are as below: 1. The payment is to be made by the hirer (buyer) to the hiree, usually the vendor, in installments over a specified period of time. 2. The possession of the goods is transferred to the buyer immediately.