A hire-purchase agreement, being an agreement to hire coupled with an option (not an obligation) to purchase, developed in the middle of the nineteenth century as a means of financing the retail acquisition of furniture, sewing machines and musical instruments.It is said that this rental-purchase method covered the acquisition of pianos in the 1840’s and Singer sewing machines in the 1860’s.Two English cases of the 1890’s consolidated the development of hire-purchase as a finance product. The prevalence of hire-purchase increased in the early decades of this century. In the depression years of the 1930’s however, abuse of the agreements became more prolific.
Hire-purchase agreement” means an agreement under which goods are let on hire and under which the hirer has an option to purchase them in accordance with the terms of the agreement; and includes an agreement under which–
(i) possession of goods is delivered to another person, on condition that he pays an agreed amount in periodical instalments, and (ii) the property in the goods is to pass to such person on the payment of the last of such instalments, and (iii) such person has a right to terminate the agreement at any time before the property so passes;
141- Law declared by Supreme Court to be binding on all Courts The law declared by the Supreme Court shall be binding on all Courts within the territory of India.
We met at Heiligendamm to address key challenges of the world economy, climate
change and Africa. Under the core theme of the German G8 Presidency “Growth and
Responsibility” we addressed economic, social and environmental aspects of the
political shaping of globalization. In particular, we addressed the role of major emerging
economies in the world today. We agreed on the benefits of a closer cooperation.
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