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HIRE PURCHASE, Picture1 - Coggle Diagram
HIRE PURCHASE
DEFINITION
UNDER COMMON LAW
A contractual agreement whereby the owner lets goods out on hire and agrees that the hirer may either return the goods and terminate the contract or elect to buy the goods on the completion of the required period of payment
SECTION 2(1)
An agreement for the letting of goods with an option to purchase and an agreement for the purchase of goods by instalments.
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