Question

For a person to qualify as a consumer, goods must be bought or services taken against which consideration?

Options

• Only full payment made in advance

• No payment is required at all under any circumstance

• Only payment made entirely at a future date

• Some payment, whether made now or later, and whether full or part

Answer 1

A consumer is a person who buys goods or takes services for some payment. The payment may be made now or later, and it may be full or part. Thus, deferred payments and partial payments also satisfy the consideration requirement.