Glossary

Section 105 of the Transfer of Property Act talks about lease. It is transfer of a right to enjoy an immovable property for a certain time, or in perpetuity against consideration of a price paid or promised (premium). Features:  Lessee acquires a transferable interest and can sub-lease. It is both heritable and transferable. Lessor and…

What is hire-purchase? Hire purchase is a type of installment credit under which the hire purchaser, called the hirer, agrees to take the goods on hire at a stated rental, which is inclusive of the repayment of principal as well as interest, with an option to purchase. Features: Under this transaction, the hire purchaser acquires…