Commentary

155 A hire purchase agreement

COMMERCIAL CONTRACTS vol 7(2)
| Commentary

155 A hire purchase agreement

| Commentary

155 A hire purchase agreement

For a contract to be a hire purchase agreement, it is necessary to meet two conditions1:

  1. 155.1

        the trader hires the goods in return for periodical payments by the consumer2; and

  2. 155.2

        ownership of the goods will transfer to the consumer if the terms of the contract are complied with and:

    1. 155.2.1

          the consumer exercises an option to buy the goods,

    2. 155.2.2

          any party to the contract does an act in a way specified in it, or

    3. 155.2.3

          an event specified in the contract occurs3.

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