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:
“Those Maine woods differ essentially from ours. There you are never reminded that the wilderness which you are threading is, after all, some villager’s familiar wood-lot, some widow’s thirds, from which her ancestors have sledded fuel for generations, minutely described in some old deed which is recorded, of which the owner has got a plan, too, and old bound-marks may be found every forty rods, if you will search.”
—Henry David Thoreau (1817–1862)
“Anglo-Saxon civilization has taught the individual to protect his own rights; American civilization will teach him to respect the rights of others.”
—William Jennings Bryan (1860–1925)