Hire-purchase and distinction between hire-purchase agreements and credit-sale contracts

Hire-purchase agreement" means an agreement under which goods are let on hire and under which the hirer has an option to purchase them in accordance with the terms of the agreement; and includes an agreement under which-- (i) possession of goods is delivered to another person, on condition that he pays an agreed amount in periodical instalments, and (ii) the property in the goods is to pass to such person on the payment of the last of such instalments, and (iii) such person has a right to terminate the agreement at any time before the property so passes;