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Hire-Purchase Act 1972

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Publisher Faculty Notes
Author: Panel Of Experts
Number of Pages 19
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Chapter II - Form and Contents of Hire-Purchase Agreements 3. Hire Purchase agreements to be in writing and signed by parties thereto 1 Every hire-purchase agreement shall be a in writing, and b signed by all the parties thereto
2 A hire-purchase agreement shall be void if in respect thereof any of the requirements specified in sub-section 1 has not been complied with 3 Where there is a contract of guarantee, the hire-purchase agreement shall be signed by the surety also, and if the hire-purchase agreement is not so signed, the hire-purchase agreement shall be voidable at the option of the owner. 4. Contents of hire purchase agreement 1 Every hire-purchase agreement shall state a The hire-purchase price of the goods to which the agreement relates, b The cash price of the goods, that is to say, the price at which the goods may be purchased by the hirer for cash, c The date on which the agreement shall be deemed to have commenced. d the number of instalments by which the hire-purchase price is to be paid, the amount of each of those instalments, and the date, or the mode of determining the date, upon which it is payable, and the person to whom and the place where it is payable and e the goods to which the agreement relates, in a manner sufficient to identity them. 2 Where any part of the hire-purchase price is, or is to be, paid otherwise than in cash or by cheque, the hire-purchase agreement shall contain a description of the part of the hire-purchase price. 3 Where any of the requirements specified in sub-section 1 or subsection 92 has not been complied with, the hirer may institute a suit for getting the hire-purchase agreement rescinded, and the court may, if it is satisfied that the failure to comply with any such requirement has prejudiced the hirer, rescind the agreement on such term as it thinks just, or pas such other order as it thinks fit in the circumstances of the case. 5. Two or more agreements when treated as a single hire-purchase agreement
Where by virtue of two or more agreements in writing, none of which by itself constitutes a hire-purchase agreement, there is a bailment of goods and the bailee has an option to purchase the goods and the requirements of section 3 and section 4 are satisfied in relation to such agreements, the agreements shall be treated for the purposes of this Act as a single hirepurchase agreement made at the time when the last of the agreements was made. Chapter III - Warranties and Conditions, Limitation on Hire-Purchase Charges and Passing of Property. 6. Warranties agreements

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