What Does A Conditional Sale Agreement Mean

Once both match the terms, the buyer creates a formal, written contract outlining the terms, including down payment, delivery, payments, and terms. The contract must also include what happens if the buyer defaults and when full payment is expected. Under the Consumer Credit Act 1974 (CCA 1974), a conditional purchase agreement must: If you are not sure if you still owe something, check the original loan agreement, which should indicate the total price of the goods and the amount you will have to pay when you terminate the contract. The credit agreement is the legal document that you signed when purchasing the goods. A conditional sales contract is a contract that deals with the sale of goods to a consumer.

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