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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; and

(b) signed by all parties thereto.

(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.



The Hire-Purchase Act, 1972 Back




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