hire and purchase agreement (Meaning)
hire and purchase agreement ()
A contract (more fully called contract of hire with an option of purchase) in which a person hires goods for a specified period and at a fixed rent, with the added condition that if he shall retain the goods for the full period and pay all the installments of rent as they become due the contract shall determine and the title vest absolutely in him, and that if he chooses he may at any time during the term surrender the goods and be quit of any liability for future installments upon the contract. In the United States such a contract is generally treated as a conditional sale, and the term hire purchase is also sometimes applied to a contract in which the hirer is not free to avoid future liability by surrender of the goods. In England, however, if the hirer does not have this right the contract is a sale.
Synonyms & Antonyms of hire and purchase agreement
No Synonyms and anytonyms found
hire and purchase agreement Sentence Examples
- The hire and purchase agreement allowed me to acquire the vehicle without paying the total cost upfront.
- The terms of the hire and purchase agreement clearly outlined the monthly payments and the final purchase price.
- I carefully reviewed the hire and purchase agreement before signing, ensuring I understood the obligations and responsibilities involved.
- Under the hire and purchase agreement, I had the option to terminate the contract and return the item at any time.
- I was required to make the minimum monthly payments for the hire and purchase agreement on time to avoid any penalties.
- The hire and purchase agreement stated that ownership of the item would not transfer to me until the final payment was made.
- The hire and purchase agreement included a clause that allowed me to extend the payment period if I faced financial difficulties.
- I used the hire and purchase agreement to finance the purchase of a laptop for my business.
- The hire and purchase agreement was advantageous because it allowed me to spread the cost of the purchase over time.
- Before entering into a hire and purchase agreement, it is crucial to compare different options and seek professional advice if necessary.
FAQs About the word hire and purchase agreement
A contract (more fully called contract of hire with an option of purchase) in which a person hires goods for a specified period and at a fixed rent, with the ad
No synonyms found.
No antonyms found.
The hire and purchase agreement allowed me to acquire the vehicle without paying the total cost upfront.
The terms of the hire and purchase agreement clearly outlined the monthly payments and the final purchase price.
I carefully reviewed the hire and purchase agreement before signing, ensuring I understood the obligations and responsibilities involved.
Under the hire and purchase agreement, I had the option to terminate the contract and return the item at any time.
