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Hire purchase
HIRE PURCHASE

Definition: (British English) (abbreviation: hp) A method of buying an article by making regular payments for it over several months or years. The article only belongs to the person who is buying it when all the payments have been made.
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* All seven elements should be in.


1. Purposeful and necessary for the parties involved.

2. An agreement or contract will be signed to confirm arrangement.

3. 'Value for money' will be obtained while article is being used.

4. Unplanned or unforeseen expenses will not be made on article.

5. 'Debt' will eventually be paid. That is, who pays will be alive at the end of the period of regular payments to fully own article.

6. Payments will be convenient. That is, inflation, hyperinflation etc. will not make arrangement to be 'strangulating' for payer.

7. Arrangement achieves objective(s) for seller and buyer.
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See perfect INDEBTEDNESS (1).

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