Abstract
Hire-purchase is a mutual interest contract. Regarding its commutative nature, exchangeable items that are against each other are exchanged in contracting process, so if contract is null or is canceled for any reason according to the contract terms, in the way that transferring possession is impossible, relevant actions will be based on the contract if funds entitled monthly installments are determined in. Therefore, the current paper aims to comparatively study hire-purchase in Iranian and common law. Analytical-descriptive method is applied in the paper. The findings indicate the difference between hire-purchase in Iran and common law is that contract for common law is just utilized for movable properties; while in Iran law it is utilized for both movable and immovable properties. In England law, hire purchase is a specified contract. According to the England hire purchase law and consumer credit law in 1974, hire purchase is a contract in which leased goods are transferred from creditor to the credit receiver instead of using periodic payment. It happens only when the credit receiver fulfills the contract terms. In other words the hire purchase contract used in England law is a hire contract with tenants’ rights of possession, while it has not been explained in the Iranian law.
Highlights
Human take action sign various contract to remove many of their problems
The findings indicate the difference between hire-purchase in Iran and common law is that contract for common law is just utilized for movable properties; while in Iran law it is utilized for both movable and immovable properties
The “hire purchase” may be the first term which was used in the UK law and was defined in the Article 189 of the Consumer Credit Act adopted in 1974 as: this contract that is apart from the agreement on conditional sale is a contract that has the following specifications: a) a good is rented to the renter in exchange for installment payment b) The ownership of the good will convey to the renter if agreed conditions are respected by him/her or one or some of the following conditions occur: 1- hire-purchase is applied by lessee 2- each special event which was supposed to be done is accomplished (The consumer Act, 1974, Art 189)
Summary
Human take action sign various contract to remove many of their problems Such contracts have taken various forms overtimes, some of them are newly established and it is required to get acquainted with conflicts and performance guarantee, for instance, the contract can be referred to hire-purchase that is interpreted as lease contract provided transferring possession. The contract is a combination of lease and objective hire-purchase Such contract is not signed for long time in religious jurisprudence view point, for this reason, it is not considered in civil code. In this regard, the current paper is adaptive studies of hire-purchase in Iran and common law.
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