These contracts are most often used for items such as high-quality cars and electrical appliances, where buyers cannot pay directly for the goods. In Australia, the purchase of lease is also commonly known as the purchase of commercial lease and the purchase of business lease (both abbreviated CHP). Hire Purchase was taken to Australia in the early 1960s by Les Meteyard and its (currently unknown) business partner. The lease agreement was developed in the United Kingdom in the nineteenth century in order to allow cash-in-need customers to make an expensive purchase that they would otherwise have to delay or give up. For example, in cases where a buyer cannot afford to pay the price of a property on a lump sum, but can afford to pay a percentage on bail, a lease agreement allows the buyer to rent the goods for a monthly rent. If an amount equal to the original total price, plus interest, has been paid in equal instalments, the buyer may exercise an option to purchase the goods at a predetermined price (usually a nominal amount) or to return the goods to the owner. . . .