(1) A contract is a hire-purchase agreement if it meets the two conditions set out below.
(2) The first condition is that under the contract goods are hired by the trader in return for periodical payments by the consumer (and “hired” is to be read in accordance with section 6(1)).
(3) The second condition is that under the contract ownership of the goods will transfer to the consumer if the terms of the contract are complied with and—
(a) the consumer exercises an option to buy the goods,
(b) any party to the contract does an act specified in
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