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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