Login : Advocate | Client
Home Post Your Case My Account Law College Law Library

Hire Purchase


A contract of hire, is governed by the provisions of Chapter IX of the Indian Contract Act. It usually covers the common day finance agreements like purchase of consumer durables like Motor Vehicles, Computers, Household appliances like Televisions, Refrigerators etc.

In the Industrial sector purchase of machinery etc is also financed by this method of hire purchase.

The basic principle underlying the transaction is that the installment determined is taken as hire (rental) till the time the agreement envisages such payments. On determination of the said period the Hirer (Purchaser) has the option of paying a nominal amount to become the owner of the goods.

Hire Purchase Back

Client Area | Advocate Area | Blogs | About Us | User Agreement | Privacy Policy | Advertise | Media Coverage | Contact Us | Site Map
powered and driven by neosys