Hire-purchase Act, ". "The. 2. The subject was taken up by the Commission in pursuance of the reference of the Government of India. The Indian contract acts, Sale of goods act are some of them. The Hire purchase act, is enacted for the purpose for the hiring of goods for. [23rd June, ] +. An Act to repeal the Hire-purchase Act, BE it enacted by Parliament in the Fifty-sixth Year of the Republic of. India as follows: @. 1. %.
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Section 4 of the act dealt with the content that are to be incorporated in an agreement.
Hire Purchase Act, | Bare Acts | Law Library | AdvocateKhoj
The hire purchase price of the goods should be specified in at the commencement of the agreement in accordance with section 4 of the act. Section 6 deals with the warranties and conditions in hire purchase act 1972 agreement.
It says that every hire purchase agreement should have an implied condition.
Section 7 deals with the limitations or the payment by installment of goods. Section 8 hire purchase act 1972 that the transaction of goods should be done only after the complying with the conditions of the agreement.
Section 9 deals with the right of purchaser to buy the goods with discount and section 10 states the conditions where the purchaser can repudiate or terminate the agreement.
Section 13 to 16 put forth the obligatory duties of the hire purchaser in compliance with the hire purchase agreement. The care to be taken on the goods, hire purchase act 1972 of goods and information about the goods are detailed in the respective sections.
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But most sellers prefer to receive a cash payment immediately. To achieve this, the seller transfers ownership of the goods to a Finance Company, usually at a discounted price, and it is this company that hires and sells the goods to the buyer.
This introduction of a third party hire purchase act 1972 the transaction.
Suppose that the seller makes false claims hire purchase act 1972 to the quality and reliability of the goods that induce the buyer to "buy". In a conventional contract of sale, the seller will be liable to the buyer if these representations prove false.
But, in this instance, the seller who makes the representation is not the owner who sells the goods to the buyer only after all the installments have been paid.
To combat this, some jurisdictions, including Irelandmake the seller and the finance house jointly and severally liable to answer for breaches of the purchase contract.
Implied warranties and conditions to protect the hirer[ edit ] The extent hire purchase act 1972 which buyers are protected varies from jurisdiction to jurisdiction, but the following are usually present: Where a hire purchase act 1972 agreement is terminated under this Act, then the owner shall be entitled,- a to retain the hire which has already been paid and to recover the arrears of hire due: