The Hirer's Obligations
The hirer usually has the following obligations:
- to pay the hire installments
- 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)
- to inform the owner where the goods will be kept.
- 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.
Read more about this topic: Hire Purchase
Famous quotes containing the word obligations:
“In the field of world policy I would dedicate this Nation to the policy of the Good Neighbor—the neighbor who resolutely respects himself and, because he does, respects the rights of others—the neighbor who respects his obligations and respects the sanctity of his agreements in and with a world of neighbors.”
—Franklin D. Roosevelt (1882–1945)