A Deed of Guarantee is a document where one person agrees to be responsible for someone else’s mortgage obligations if that person fails to carry out their own obligations. It is usually used when a lender has reservations about the ability of a borrower to repay mortgage instalments and requires another, usually more financially secure person, to guarantee the loan.
Formal contract by which a seller agrees to sell and a buyer agrees to buy, under certain terms and conditions spelled out in writing in the document signed by both parties. An invoice, for example, is a contract of sale. Determines the terms of sale between buyer and seller.
Hire purchase agreements are agreements whereby an owner of goods allows a person (the hirer), to hire goods from him for a period of time by paying instalments. The hirer has an option to buy the goods at the end of the agreement if all instalments are being paid. It determines the rights and responsibility of parties and binds the party.
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