Hire Purchase - The Hirer's Obligations

The Hirer's Obligations

The hirer usually has the following obligations:

  1. to pay the hire installments
  2. to take reasonable care of the goods (if the hirer damages the goods by using them in a non-standard way, he or she must continue to pay the installments and, if appropriate, compensate the owner for any loss in asset value)
  3. to inform the owner where the goods will be kept.
  4. A hirer can sell the products if, and only if, he has purchased the goods finally or else not to any other third party.

it is pretty much similar to installment but the main difference is of ownership.

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Famous quotes containing the word obligations:

    Whoever takes a view of the life of man ... will find it so beset and hemm’d in with obligations of one kind or other, as to leave little room to suspect, that man can live to himself: and so closely has our creator link’d us together ... that we find this bond of mutual dependence ... is too strong to be broke.
    Laurence Sterne (1713–1768)