Arvid purchased a television from Beula.Under the terms of that contract,Arvid was entitled to immediate possession,but he was not entitled to receive ownership until he paid the full price.The contract required him to pay the total price of $5000 in 10 equal instalments of $500 each.The parties have created an arrangement known as a

Question

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The arrangement described in the scenario is a conditional sales contract, also known as a hire purchase agreement, where the buyer is entitled to immediate possession but only gains ownership upon fully paying the price in instalments.

Arvid Purchased a Television from Beula