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:
“... education fails in so far as it does not stir in students a sharp awareness of their obligations to society and furnish at least a few guideposts pointing toward the implementation of these obligations.”
—Mary Barnett Gilson (1877–?)