“conditional sale agreement ” means an agreement for the sale of goods under which the purchase price or part of it is payable by instalments, and the property in the goods is to remain in the seller (notwithstanding that the buyer is to be in possession of the goods) until such conditions as to the payment of instalments or otherwise as may be specified in the agreement are fulfilled ;

“creditor ” means the person by whom goods are bailed or (in Scotland) hired under a hire-purchase agreement or, as the case may be, the seller under a conditional sale agreement, or the person to whom his rights and duties have passed by assignment or operation of the law ;

“hire-purchase agreement ” means an agreement, other than a conditional sale agreement, under which—

a

goods are bailed or (in Scotland) hired in return for periodical payments by the person to whom they are bailed or hired, and

b

the property in the goods will pass to that person if the terms of the agreement are complied with and one or more of the following occurs—

i

the exercise of an option to purchase by that person,

ii

the doing of any other specified act by any party to the agreement,

iii

the happening of any other specified event ;

“total price ” means the total sum payable by the person to whom goods are bailed or hired under a hire-purchase agreement or, as the case may be, the buyer under a conditional sale agreement including any sum payable on the exercise of an option to purchase but excluding any sum payable as a penalty or as compensation or damages for a breach of the agreement