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Report No. 168

Chapter II

Form and Contents of Hire-Purchase Agreements

3. Hire-purchase agreement to be in writing and signed by parties thereto.-

(1) Every hire-purchase agreement shall be-

(a) in writing;

(b) signed by all parties thereto; and

(c) accompanied by a declaration in the prescribed form containing the main rights and obligations of the hirer and signed by all the parties to the agreement.

(2) A hire-purchase agreement shall be void against the hirer if 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, it shall be voidable at the option of the owner.

(4) The Hire-purchase Agreement and the declaration shall be executed in two sets, duly signed by the parties. One such set shall be handed over to the hirer and where there is a surety, yet another set to the surety, immediately after the execution of the Agreement.



The Hire-Purchase Act, 1972 Back




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