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HIRADO

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Originally appearing in Volume V13, Page 523 of the 1911 Encyclopedia Britannica.
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HIRADO , an See also:

island belonging to See also:Japan, 191 m. See also:long and 6 m. wide, lying off the See also:west See also:coast of the See also:province of Hizen, Kiushiu, in 33° 15' N. and 129° 25' E. It is celebrated as the site of the See also:original Dutch factory—often erroneously written Firandoand as the See also:place where one of the finest See also:blue-and-See also:white porcelains of Japan (Hiradoyaki) was produced in the 17th and 18th centuries. The kilns are still active. HIRE-See also:PURCHASE AGREEMENT, in the See also:law of See also:contract, a See also:form of See also:bailment of goods, on See also:credit, which has extended very considerably of See also:late years. Originally applied to the See also:sale of the more expensive kinds of goods, such as pianos and articles of See also:furniture, the hire-purchase agreement has now been extended to almost every description. The agreement is usually in See also:writing, with a stipulation that the payments to purchase shall be by weekly, monthly or other instalments. The agreement is virtually one to purchase, but in See also:order that the vendor may be able to recover the goods at any See also:time on non-See also:payment of an See also:instalment, it is treated as an agreement to let and hire, with a See also:provision that when the last instalment has been paid the goods shall become the See also:property of the hirer. A clause provides that in See also:case of See also:default of any instalment, or See also:breach of any See also:part of the agreement, all previous payments shall be forfeited to the lender, who can forcibly recover the goods. Such agreements, therefore, do not pass the property in the goods, which remains in the lender until all the instalments have been paid. But the terms of the agreement may sometimes purposely obscure the nature of the transaction between the parties, where, for example, the hire-purchase is merely to create a See also:security for See also:money. In sucha case a See also:judge will look to the true nature of the transaction. If it is not a real letting and See also:hiring, the agreement will require See also:registration under the Bills of Sale Acts.

If the agreement contains words to the effect that a See also:

person has " bought or agreed to buy " goods, the transaction comes under the Factors See also:Act 1889, and the person in See also:possession of the goods may dispose of them and give a See also:good See also:title. The See also:doctrine of reputed ownership, by which a bankrupt is deemed the reputed owner of goods in his apparent possession, has been somewhat modified by See also:trade customs, in accordance with which property is frequently let out on the hire-purchase See also:system (see See also:BANKRUPTCY).

End of Article: HIRADO

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