ERDEM-NEWSLETTER-2018-metin

42 NEWSLETTER 2018 form sufficient for the establishment of the contract, and regulates the mandatory components of the agreement, as follows: 1. Names and places of settlement of the parties. 2. The subject of sale. 3. Advance sale price of the goods. 4. Additional price that is determined through installment pay- ments. 5. Total sales price. 6. All other performances the purchaser undertook in cash or in kind. 7. Amounts of advance and installments, and the number of installments, which shall be no less than two. 8. The right of the buyer to withdraw the declaration of will regarding the conclusion of the contract within seven days. 9. Records of the agreement regarding the possession of the property, or transfer of the receivable of the sale price, if foreseen. 10. Interest to be paid that may be no more than thirty percent of the statutory interest rate in the event of default or deferment of maturity. 11. The place and date of establishment of the contract. These elements are conditions for validity for hire purchase agreements that entreats “goods that fall under the scope of commer- cial field of activity” and, in the event that one or more of these are not present in the contract, the contract shall be null and void 8 . State of Default and Annulment of the Contract Optional rights of the seller in the event of default of the buyer are regulated under Article 259 of the TCO. Accordingly, in the first 8 Develioğlu p. 533.