hire-purchase agreement

32in accordance with article 60L of the Regulated Activities Order, an agreement:

1. (a) which is not a conditional sale agreement;
2. (b) under which goods are bailed or, in Scotland, hired to a person ("P") in return for periodical payments by P; and
3. (c) the property in the goods will pass to P if the terms of the agreement are complied with and one or more of the following occurs:
   1. (i) the exercise by P of an option to purchase the goods;
   2. (ii) the doing by any party to the agreement of any other act specified in the agreement; or
   3. (iii) the happening of any event specified in the agreement