To be valid, HP agreements must be in writing and signed by both .They must clearly lay out the following information in a print that all can read without effort:
- a clear description of the goods
- the cash price for the goods
- the HP price, i.e., the total sum that must be paid to hire and then purchase the goods
- the deposit
- the monthly installments (most states require that the applicable interest rate is disclosed and regulate the rates and charges that can be applied in HP transactions) and
- a reasonably comprehensive statement of the parties' rights (sometimes including the right to cancel the agreement during a "cooling-off" period).
- The right of the hire to terminate the contract when he feels like doing so with a valid reason.
Read more about this topic: Hire Purchase
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