Standard Provisions
To be valid, HP agreements must be in writing and signed by both .They must clearly lay out the following information in a print that all can read without effort:
- a clear description of the goods
- the cash price for the goods
- the HP price, i.e., the total sum that must be paid to hire and then purchase the goods
- the deposit
- the monthly installments (most states require that the applicable interest rate is disclosed and regulate the rates and charges that can be applied in HP transactions) and
- a reasonably comprehensive statement of the parties' rights (sometimes including the right to cancel the agreement during a "cooling-off" period).
- The right of the hire to terminate the contract when he feels like doing so with a valid reason.
Read more about this topic: Hire Purchase
Famous quotes containing the words standard and/or provisions:
“Any honest examination of the national life proves how far we are from the standard of human freedom with which we began. The recovery of this standard demands of everyone who loves this country a hard look at himself, for the greatest achievments must begin somewhere, and they always begin with the person. If we are not capable of this examination, we may yet become one of the most distinguished and monumental failures in the history of nations.”
—James Baldwin (1924–1987)
“Perhaps it is a universal truth that the loss of liberty at home is to be charged to provisions against danger, real or pretended, from abroad.”
—James Madison (1751–1836)