Common Contracts
1 similar Hire Pruchase Agreement contracts
HIRE PRUCHASE AGREEMENTHire Pruchase Agreement • July 14th, 2020
• The sale of goods Act of 1962 was regulating hire purchase and conditional sale agreement until 1974 when the Hire purchase Act (NRCD 292) came into operation. Section 24(1) states that, a hire purchase is an agreement for bailment of goods under which the bailee may buy the goods or under which the property in the goods will or may pass to the bailee. This means the transfer of the goods into the hands of another person without giving him the legal ownership immediately. Buying goods on hire purchase agreement is legally to hire the goods until certain time when an option can be exercise to take over the legal title in the goods.
