Hire Purchase (HP) is a type of installment purchase plan where the buyer takes possession of an item immediately and pays for it in periodic installments, while ownership of the item remains with the seller until the final payment is made.
A Purchase Contract, also known as a Contract of Sale or Purchase Agreement, is a legal document that outlines the terms and conditions under which a buyer agrees to purchase, and a seller agrees to sell, a particular property, item, or service.
