In a hire purchase agreement, the buyer is the?

A. agent
B. hirer
C. lesse
D. lessor

Correct Answer: Option B

B. hirer

Explanation

Hire purchase is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g. 40% of the total) and repays the balance of the price of the asset plus interest over a period of time. The person who enters an agreement to buy and equipment is called the hirer