Hire purchase

Hire purchase
Hire purchase Hire purchase, or, more fully, Hire purchase agreement Hire purchase agreement, or Hire and purchase agreement Hire and purchase agreement (Law) 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. [Webster 1913 Suppl.]

The Collaborative International Dictionary of English. 2000.

Игры ⚽ Поможем решить контрольную работу

Look at other dictionaries:

  • Hire purchase — (abbreviated HP) is the legal term for a contract, in this persons usually agree to pay for goods in parts or a percentage at a time. It was developed in the United Kingdom and can now be found in China, Japan, Malaysia, India, South Africa,… …   Wikipedia

  • hire-purchase — a form of purchase under which the purchase price can be paid over an agreed period of time by instalments. During the period the goods purchased remain the property of the seller (or the hire purchase company to whom the seller has assigned his… …   Law dictionary

  • hire purchase —    Hire purchase, commonly abbreviated to HP (called ‘instalment credit’ in the USA, where the system emerged in the nineteenth century) plays an important but decreasing role in providing consumer credit, especially for poorer people, for the… …   Encyclopedia of contemporary British culture

  • hire purchase — n. Brit. INSTALLMENT PLAN * * * …   Universalium

  • hire purchase — n [U] BrE HP a way of buying expensive goods by regularly paying small amounts over a period of time American Equivalent: installment plan …   Dictionary of contemporary English

  • hire purchase — noun uncount BRITISH the INSTALLMENT PLAN …   Usage of the words and phrases in modern English

  • hire purchase — ► NOUN Brit. ▪ a system by which someone pays for a thing in regular instalments while having the use of it …   English terms dictionary

  • hire purchase — n. Brit. INSTALLMENT PLAN …   English World dictionary

  • hire purchase — system for financing the purchase of plant and equipment, where the ownership is vested with the lender until the final payment is made. The borrower is required to place a deposit and make periodic (usually monthly) repayments at a flat rate of… …   Financial and business terms

  • hire purchase — HP A method of buying goods in which the purchaser takes possession of them as soon as an initial instalment of the price (a deposit) has been paid; ownership is obtained when all the agreed number of subsequent instalments have been completed. A …   Accounting dictionary

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”