The Owner's Rights
The owner usually has the right to terminate the agreement where the hirer defaults in paying the installments or breaches any of the other terms in the agreement. This entitles the owner:
- to forfeit the deposit
- to retain the installments already paid and recover the balance due
- to repossess the goods (which may have to be by application to a Court depending on the nature of the goods and the percentage of the total price paid)
- to claim damages for any loss suffered.
Read more about this topic: Hire Purchase
Famous quotes containing the words rights and/or owner:
“Whilst the rights of all as persons are equal, in virtue of their access to reason, their rights in property are very unequal. One man owns his clothes, and another owns a country.”
—Ralph Waldo Emerson (18031882)
“When someone borrows an animal from another and it is injured or dies, the owner not being present, full restitution shall be made. If the owner was present, there shall be no restitution; if it was hired, only the hiring fee is due.”
—Bible: Hebrew, Exodus 22:14,15.