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LSDefine

Simple English definitions for legal terms

hire-purchase agreement

Read a random definition: in modum simplicis querelae

A quick definition of hire-purchase agreement:

A hire-purchase agreement is when someone wants to buy something but can't afford to pay for it all at once. They can take possession of the item by making the first payment and then pay for it in installments. Once they make the final payment, they own the item. This is often used for things like equipment or furniture. It's like renting something, but with the option to buy it in the end.

A more thorough explanation:

A hire-purchase agreement, also known as a lease-purchase agreement, is a type of rent-to-own purchase plan. It allows the buyer to take possession of the goods with the first payment and take ownership with the final payment. This type of agreement is commonly used for equipment or property leases.

For example, a small business may enter into a hire-purchase agreement for a new piece of machinery. The business would make regular payments to the leasing company, and once the final payment is made, ownership of the machinery would transfer to the business.

It's important to note that under a capital lease, the lessee is responsible for paying taxes and other expenses on the property. This type of lease is usually treated as an installment sale.

hireling | hiring

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General

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Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
BulbasaurNoLikeCardio
7:51
@texaslawhopefully: best prices and only fast food that doesn't make me sick
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