The Owner's Rights
The owner usually has the right to terminate the agreement where the hirer defaults in paying the installments or breaches any of the other terms in the agreement. This entitles the owner:
- to forfeit the deposit
- to retain the installments already paid and recover the balance due
- to repossess the goods (which may have to be by application to a Court depending on the nature of the goods and the percentage of the total price paid)
- to claim damages for any loss suffered.
Read more about this topic: Hire Purchase
Famous quotes containing the words owner and/or rights:
“I am the owner of the sphere,
Of the seven stars and the solar year,
Of Caesar’s hand, and Plato’s brain,
Of Lord Christ’s heart, and Shakspeare’s strain.”
—Ralph Waldo Emerson (1803–1882)
“Quite often ... these little guys, who might be making atomic weapons or who might be guilty of some human rights violation ... are looking for someone to listen to their problems and help them communicate.”
—Jimmy Carter (James Earl Carter, Jr.)