“hire-purchase agreement” is a contract that meets the following conditions:
(a) under the contract goods are hired by the trader in return for periodical payments by the consumer (and “hired” is to be read in accordance with the definition of “hire of goods”).
(b) under the contract ownership of the goods will transfer to the Consumer if the terms of the contract are complied with and
(i) the consumer exercises an option to buy the goods,
(ii) any party to the contract does an act specified in it, or
(iii) an event specified in the contract occurs.
But a contract is not a hire-purchase agreement if it is a conditional sales contract.