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:
“So that if you would form a just judgment of what is of infinite importance to you not to be misled in,—namely, in what degree of real merit you stand ... call in religion and morality.—Look,—What is written in the law of God?—How readest thou?—Consult calm reason and the unchangeable obligations of justice and truth;Mwhat say they?”
—Laurence Sterne (1713–1768)