Definition of Hire purchase
1.
(Law)
A
contract
(
more
fully
called
contract
of
hire
with
an
option
of
purchase
)
in
which
a
person
hires
goods
for
a
specified
period
and
at
a
fixed
rent
,
with
the
added
condition
that
if
he
shall
retain
the
goods
for
the
full
period
and
pay
all
the
installments
of
rent
as
they
become
due
the
contract
shall
determine
and
the
title
vest
absolutely
in
him
,
and
that
if
he
chooses
he
may
at
any
time
during
the
term
surrender
the
goods
and
be
quit
of
any
liability
for
future
installments
upon
the
contract
.
In
the
United
States
such
a
contract
is
generally
treated
as
a
conditional
sale
,
and
the
term
hire
purchase
is
also
sometimes
applied
to
a
contract
in
which
the
hirer
is
not
free
to
avoid
future
liability
by
surrender
of
the
goods
.
In
England
,
however
,
if
the
hirer
does
not
have
this
right
the
contract
is
a
sale
.
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