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Section 4 – The Hire-Purchase Act, 1972

The Hire-Purchase Act, 1972

 

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 installments by which the hire-purchase price is to be paid, the amount of each of those installments, 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or sub-section 92) has not been complied with, the hirer may institute a suit for getting the hire-purchase agreement rescinded, and the court may, if it is satisfied that the failure to comply with any such requirement has prejudiced the hirer, rescind the agreement on such term as it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.

 

Comments

In every hire-purchase agreement (i) the hire-purchase price of the goods, (ii) the cash price of the goods, (iii) the date on which the agreement is deemed to have commenced, (iv) the number of instalments by which the hire-purchase price is to be paid, (v) the amount of each instalments and the date on which it is payable, (vi) the person to whom and the place where it is payable, (vii) the goods to which the agreement relates, are to be stated. If any part of the hire-purchase price is, or is to be, paid otherwise than in cash or by cheque than the description of that part of the hire-purchase price is also to be stated. If any of the above said requirements have not been complied with, the hirer can institute a suit for getting the hire-purchase agreement rescinded.

 

 

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The Hire-Purchase Act, 1972

 

 

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