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:
“In relation to God, we are like a thief who has burgled the house of a kindly householder and been allowed to keep some of the gold. From the point of view of the lawful owner this gold is a gift; From the point of view of the burglar it is a theft. He must go and give it back. It is the same with our existence. We have stolen a little of God’s being to make it ours. God has made us a gift of it. But we have stolen it. We must return it.”
—Simone Weil (1909–1943)
“The rights of persons, and the rights of property, are the objects, for the protection of which Government was instituted.”
—James Madison (1751–1836)