AdvocateKhoj
Login : Advocate | Client
Home Post Your Case My Account Law College Law Library
    

Report No. 168

2. Definitions.-

In this Act, unless the context otherwise requires,-

(a) "contract of guarantee" in relation to any hire-purchase agreement, means a contract whereby a person (In this Act referred to as the surety) guaranteed the performance of all or any of the hirer's obligations under the hire-purchase agreement;

(b) "hire" means the sum payable periodically by the hirer under a hire-purchase agreement;

(c) "hire-purchase agreement" means

(i) an agreement under which goods are let on hire and under which the hirer has an option to purchase them in accordance with the terms of the agreement, and

(ii) an agreement for the sale of goods under which the purchase price or part of it is payable in instalments, and the property in the goods is to remain in the owner (notwithstanding that the hirer is to be in possession of the goods) until such conditions as to the payment of instalments or otherwise, as may be specified in the agreerrkent, are fulfilled.

(d) "hire-purchase price" means the total sum payable by the hirer under a hire purchase agreement in order to complete the purchase of or the acquisition of property in, the goods to which the agreement relates; and includes any sum so payable by the hirer under the hire-purchase agreement by way of a deposit or other initial payment, or credited or to be credited to him under such agreement on account of any such deposit or payment, whether that sum is to be or has been paid to the owner or to any other person authorised by the owner or is to be or has been discharged by payment of money or by transfer or delivery of goods or by any other means; but does not include any sum payable as a penalty or as compensation or damage for a breach of the agreement, and also does not include any sum-

(i) payable as expenses for delivering the goods to the hirer and the installation thereof, in accordance with the terms of the agreement, or

(ii) payable as any fee, in respect of the goods and the agreement, for the purposes of registration or otherwise under any law for the time being in force, or

(iii) payable as insurance premium, or

(iv) payable as penalty, compensation or damages for a breach of the agreement.'

(e) "hirer" means the person who obtains or has obtained possession of goods from an owner under a hire-purchase agreement, and includes a person to whom the hirer's rights or liabilities under the agreement have passed by assignment or by operation of law;

(f) "owner" means the person who lets or has let, or the person who delivers or has delivered possession of goods, to a hirer under a hire-purchase agreement and includes a person to whom the owner's property in the goods or any of the rights or liabilities under the agreement has passed by assignment or by operation of law;

(ff) "prescribed" means prescribed by rules made under this Act;

(g) each of the words and expressions used and not defined in this Act but defined in the Indian Contract Act, 1872 (9 of 1872), or the Sale of Goods Act, 1930 (3 of 1930), shall have the meaning assigned to it in that Act.



The Hire-Purchase Act, 1972 Back




Client Area | Advocate Area | Blogs | About Us | User Agreement | Privacy Policy | Advertise | Media Coverage | Contact Us | Site Map
powered and driven by neosys