1. Patara Co. Ltd is into bakery but has no motor vehicle with which to make supplies to its numerous customers. Consequently, Patara Co. Ltd agreed with Alfarma Motors in writing, on the following terms:

"Patara Co. Ltd will take possession of a Hilux van with chassis number 22222 for the purpose of its business but upon payment of monthly installment of Thirty Thousand Naira as charges. It is agreed that Patara Co. Ltd upon successful completion of payment of monthly installments for Thirty Six months, becomes the owner of the said Hilux van."

A.What kind of agreement is this? (2 marks)

B.Suppose Patara Co. Ltd on its own returns the Hilux van at the 29th month of payment by installment, can it ask for a refund of any installments so far made? (2 marks)

C.If for example, within six months into the agreement, Patara Co. Ltd defaults in the payment of monthly installments can Alfarma Motors, in law, recover possession of the Hilux van? (2 marks)