Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
lease-purchase agreement
A rent-to-own purchase plan under which the buyer takes possession of the goods with the first payment and takes ownership with the final payment; a lease of property (esp. equipment) by which ownership of the property is transferred to the lessee at the end of the lease term. 0 Such a lease is usu. treated as an installment sale. Under a capital lease, the lessee is responsible for pay- ing taxes and other expenses on the property. - Also termed lease-to-purchase agreement; hire purchase agreement; capital lease. Cf. operating lease under LEASE.
purchase agreement
A sales contract. (.'f. RE. PURCHASE AGREEMENT.
repurchase agreement
A short-term loan agreement by which one party sells a security to another party but promises to buy back the security on a specified date at a specified price. - Often shortened to repo.