UC Law School statement: The Law School has received many media requests about Barack Obama, especially about his status as Senior Lecturer.. From 1992 until his election to the U.S. Senate in 2004, Barack Obama served as a professor in the Law School. He was a Lecturer from 1992 to 1996.
DEFINITION of 'Hire Purchase'. A method of buying goods through making installment payments over time. The term hire purchase originated in the U.K., and is similar to what are called rent-to-own arrangements in the United States.Under a hire purchase contract, the buyer is leasing the goods and does not obtain ownership until the full amount of the contract is paid. Next Up.he term hire purchase originated in the U.K., and is similar to what are called rent-to-own arrangements in the United States. Under a hire purchase contract, the buyer is leasing the goods and does not obtain ownership until the full amount of the contract is paid. Next Up.
Many countries allow hire purchase as a means of selling and buying goods, and national laws provide a framework for hire purchase to prevent a range of potential abuses. Some of the issues and considerations attendant on systems of hire purchase, and codified in laws, include. 1  Rights & obligations on the vendor and purchaser, including such measures as cooling-off periods during which purchasers can back out of deals for a limited time period after signing a contract.