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:
“This unlettered man’s speaking and writing are standard English. Some words and phrases deemed vulgarisms and Americanisms before, he has made standard American; such as “It will pay.” It suggests that the one great rule of composition—and if I were a professor of rhetoric I should insist on this—is, to speak the truth. This first, this second, this third; pebbles in your mouth or not. This demands earnestness and manhood chiefly.”
—Henry David Thoreau (1817–1862)
“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)