The buyer in a hire purchase contract becomes the legal owner of the goods by paying

A.

initial deposit

B.

the last installment

C.

half of the purchase price

D.

two-third of the purchase price

Correct answer is B

Hire purchase is a system by which one pays for a thing in regular installments while having the use of it. The buyer becomes the overall owner of the property when the last installment has been paid.