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A contract of hire, is governed
by the provisions of Chapter IX of the Indian Contract Act. It usually
covers the common day finance agreements like purchase of consumer
durables like Motor Vehicles, Computers, Household appliances like
Televisions, Refrigerators etc.
In the Industrial sector purchase
of machinery etc is also financed by this method of hire purchase.
The basic principle underlying
the transaction is that the installment determined is taken as hire
( rental ) till the time the agreement envisages such payments.
On determination of the said period the Hirer ( Purchaser ) has
the option of paying a nominal amount to become the owner of the
goods.
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