What is credit transaction?
(1) A credit transaction is a transaction under which one party (the creditor)– (a) supplies any goods or sells any land under a hire-purchase agreement or a conditional sale agreement, (b) leases or hires any land or goods in return for periodical payments, or.
What are some examples of credit transaction?
For example, when a person uses a Visa card to buy something, the card is considered a form of credit because the person agrees to pay the bank back later. Credit can be given in the form of money and other ways. It is possible to trade goods and services for deferred payment, a different kind of credit.
What is credit with example?
Credit transaction means any transaction by the terms of which the repayment of money loaned or loan commitment made, or payment for goods, services, or properties sold or leased, is to be made at a future date or dates.
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