Marcus has a friend called Slacker. He specialises in selling a special Christmas novelty called the Bar B Que seat. He requires his customers to send in 3 instalments of $40 over three weeks. However, if his customers default on paying for the seats for any reason, he informs them they have broken the agreement and they forfeit any payments they have made. He claims this is a hire purchase agreement and so it is not a purchase until the final instalment is made. What advice would you give to Slacker as to the legality of his business model?