Discuss the rights and duties of the owner and the hirer, with the repossession discipline on default.

A hire-purchase agreement is one in which the owner (the financier/seller) delivers goods to the hirer for hire — instalments of rental — on terms that the hirer may purchase the goods (and ownership pass to him) on completing the instalments or exercising the option; until then, ownership remains with the owner. The device is a hybrid: a bailment for reward (Unit 2) during the hire period, maturing into a sale (Unit 7) on the option's exercise. Two instruments commonly embody it: the hire-purchase agreement (the bailment-plus-option) and the agreement to buy (the option's terms). In Nepal the Muluki Civil Code 2074, Part 5, Chapter13 (Hire-purchase Contracts) — the first dedicated statutory chapter (verified from the Code's official table of contents) — governs; before the Code, the terrain ran on the general contract law and market practice.Why it matters in Nepal: vehicle financing — the motorbike and car "hire-purchase loans" of the consumer-finance boom — plus consumer durables, equipment and agri-machinery financing; the Banking and Financial Institutions Act 2073 expressly lists hire-purchase financing among the lending functions banks may conduct (the Act's own functions vocabulary, without section numbers).