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In
a hire-purchase agreement, the owner hires goods to the hirer
with an option to purchase the goods when he has made the payment
of a certain sum.
By
this system, the purchaser who is unable to pay the full price
of the asset at one lump sum, gets facilities to acquire an
asset and after making the payment of an initial amount called
premium, the purchaser pays the balance consideration money
in installments.
After
the payment of all the installments, the property in the goods
passes to the hirer.
The
hirer has an option to return the goods during the period of
hire. In a hire-purchase agreement, the hirer has the right
to terminate the agreement for hire at his pleasure and is not
bound to pay the value of the goods.
A
hire-purchase agreement is a form of bailment; the hirer is
given the right to purchase the goods on certain conditions.
That, however, is an option not an obligation to purchase.
The
hirer may elect to purchase the goods and when he does so, after
he fulfills all the conditions prescribed in the agreement,
the title to the goods will pass to him. But he may elect not
to do so, and in that event he is entitled to return the goods
and terminate the agreement in the manner provided therein.
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