I: The time, expressed in years and fractions of years, that elapsed between the date of the contract and the date on which the hire purchase rate is payable at the spot price rate under the contract. (c) the date on which the contract is deemed to have begun. Fees and charges for hire-purchase agreements vary, but may include the following: Hire-purchase is a contract between two parties in which a buyer agrees to pay for the goods in part. The hire-purchase agreement was first initiated in the UK for situations where the buyer could not afford to pay the required price for an item as a lump sum, but could afford to pay small amounts at regular intervals. The hire-purchase agreement is not a purchase agreement, but a deposit contract, because the tenant has little opportunity to buy the goods, and it is remarkable that if the tenant has the right to use the goods, he is not the legal owner while the term of the contract is working. . . .