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Hire purchase. A hire purchase (HP), [1] also known as an installment plan, is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g., 40% of the total) and repaying the balance of the price of the asset plus interest over a period of time.
Mr Hudson relied on section 27 of the Hire Purchase Act 1964, which creates a statutory exception to the common law principle that "nemo dat quod non habet" (nobody can pass better title than he has), since a non-trade buyer of a car who buys in good faith from a hirer under a hire purchase agreement becomes the owner.
G Scammell and Nephew Ltd v HC&JG Ouston [1941] 1 AC 251 is an English contract law case, concerning the certainty of an agreement. It stands as an example of a relatively rare case where a court cannot find some way in which a contract can be made to work.
c. 41) was an Act of the Parliament of the United Kingdom that regulated the way in which hire-purchase agreements could be advertised. One of the objectives of the Hire-Purchase Act 1938 had been to make sure that people entering into a hire-purchase agreement must be signed by the parties and must contain minimal financial information. This ...
Lease purchase agreement (click to view pages) Rent-to-own, also known as rental purchase or rent-to-buy, is a type of legally documented transaction under which tangible property, such as furniture, consumer electronics, motor vehicles, home appliances, engagement rings, and real property, is leased in exchange for a weekly or monthly payment, with the option to purchase at some point during ...
A requirements contract is a contract in which one party agrees to supply as much of a good or service as is required by the other party, and in exchange the other party expressly or implicitly promises that it will obtain its goods or services exclusively from the first party. [1]
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To that extent we agree. But the level of detail provided on the law pages in Wiki is completely inadequate for that purpose. A standard law textbook on commercial law would run to as many as a hundred pages on hire purchase and practitioner manuals with precedents as to the different forms of agreement would be hundreds of pages.