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Identify which of the following statements correctly describes a hire-purchase agreement.

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Identify which of the following statements correctly describes a hire-purchase agreement.

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.

Textbook

The Law and Business Administration in Canada

Edition: 14^th

Authors: Smyth, Soberman, Easson, McGill

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Ashorn Author

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