31. In this Act, unless the context otherwise requires " conditional sale agreement" means an agreement for sale of goods under which
| (a) the purchase price or part of it is payable by installments; and |
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| (b) property in the goods is to remain in the seller (notwithstanding that the buyer is to be in possession of the goods) until such conditions as to the payment of installments or otherwise as may be specified in the agreement are fulfilled ; |
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" contract of guarantee ", in relation to any hire-purchase agreement, means a contract whereby a person (in this Act referred to as "guarantor") guarantees the performance of all or any of the hirer's obligations under the hire-purchase agreement; " court" means the court having jurisdiction to entertain the suit or action ; "guarantor" means a person who has guaranteed the performance by the hirer of all or any of., his obligations under a hire-purchase agreement; " hire " means the sum payable periodically by the hirer " under' the hire-purchase agreement ; "hire-purchase agreement" means an agreement under , which goods are let on hire and under which
| (a) the possession of goods is delivered by the owner thereof to a person on condition that such person pays an agreed amount in periodical installments; and |
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| (b)
| | (i) either the hirer has an option to purchase the goods in accordance with the terms of the agreement; or | | |
| | (ii) the property in the goods is to pass to the hirer on the payment of the last of such installments, | | |
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" hire-purchase price" means the total sum payable by the hirer under a hire-purchase agreement in order to complete the purchase of, or the acquisition of property in, the goods to which the agreement relates, and includes any sum so payable by the hirer under the agreement by way of a deposit or other initial payment or credited or to be credited to him under such agreement on account of any such deposit or payment, whether that sum is to be or has been paid to the owner or any other person or is to be or has been discharged by payment of money or by transfer or delivery of goods or by any other means, but does not include any sum payable as a penalty or as compensation or damages for a breach of the agreement; "hirer" means the person who obtains or has obtained possession of goods from an owner under a hire-purchase agreement and includes a person to whom the hirer's rights or liabilities under the agreement has passed by assignment or by operation of law; " installation, charges" means any expenses incurred by the owner in respect of
| (a) the fixing of the goods to which the agreement relates to the premises where they are to be used and the alteration of premises to any such goods to be used thereon ; and |
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| (b) where it is reasonably necessary that any such goods should be constructed or erected on the premises where they are to be used, any work carried out for the purpose of such construction or erection; |
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" owner " means the person letting, hiring or agreeing to sell goods under a hire-purchase agreement and includes a person to whom the owner's property in the goods or any of the owner's rights or liabilities under the agreement has passed by assignment or operation of law; "third-party insurance " means any insurance in relation to liability in respect of death or bodily injury caused by or arising out of the use of a motor vehicle being insurance required by law; vehicle registration fees" means any amount to be provided under a hire-purchase agreement by the owner for payment by or on behalf of the hirer under the law in connection with registration and use of a motor vehicle, excluding any amount payable for insurance. |
Sri Lanka Consolidated Acts