(1) The following things should be mentioned in the hire purchase agreement as per section 624:-
(a) the object and its brief description,
(b) Higher Purchase Price of Goods,
(c) Cash value of goods,
(d) the date on which the contract is deemed to have commenced,
(e) the amount and number of installments to be paid by the lessee to the owner of the goods,
(f) the date on which each installment amount must be paid and the manner in which it must be paid,
(g) The person and place to whom the amount should be paid according to clause (f).
(2) According to clause (f) of sub-section (1), since the installment amount can be paid in any way other than cash, a brief description of the same should be mentioned in the hire purchase agreement.
(3) If there is a hire purchase agreement without mentioning any conditions under this clause, the lessee may appeal to have such agreement canceled (rescinded) and if it is seen that the lessee will be adversely affected because no such condition is mentioned in the agreement, the court may cancel or consider it appropriate to cancel such agreement. Any other order may be issued.
(4) "Hire Purchase Price" means the total amount to be paid by the hirer to purchase or acquire the goods after paying the full price and the term also refers to the amount to be paid as a deposit or initial amount.
(5) "Cash price" means the price at which a lessee can purchase an item by paying cash.