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Report No. 168

4. Contents of hire-purchase agreements.-

(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 instalments by which the hire-purchase price is to be paid, the amount of each of those instalments 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;

(e) the goods to which the agreement relates, in a manner sufficient to identify them; and

(f) such additional particulars as may be prescribed.

(2) Where any part of the hire-purchase price is, or is to be, paid or given otherwise than in cash or by cheque, the hire-purchase agreement shall contain a description of that part of the hire-purchase price, and shall also state the date on which such part is to be paid or given and the value thereof as, agreed to by the parties or where different portions of such part are to be paid or given on different dates, the date on which each such portion is to be paid or given and the value thereof as agreed to by the parties.

(3) Where any of requirements specified in sub-section (1) or sub-section (2) has not been complied with, the hirer may institute a suit for getting the hire-purchase agreement rescinded; and the Court may, if it is, satisfied that the failure to comply with any such requirement has prejudiced the hirer, rescind the agreement on such terms as it thinks just, or pass such other order as it thinks fit in the circumstances of the case.

The Hire-Purchase Act, 1972 Back

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