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Report No. 20

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;

[Cf. section 2(2)(b), H.P.A., 1938]

(b) the cash price of the goods, that is to say, the market value of the goods on the date of the agreement;

[Cf. sections 2(1) and 2(2)(b), H.P.A., 1938]

(c) the date on which the agreement shall be deemed to have commenced;

(d) the number of the 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; and

[Cf. section 2(2)(b), H.P.A., 1938]

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

[Cf. section 2(2)(b), H.P.A., 1938]

(2) Where any part of the consideration for a hire-purchase agreement is or is to be provided otherwise than in cash, the hire-purchase agreement shall contain a description of that part of the consideration.

[Cf. clause 3(2)(d), New South Wales Bill, 1959]

(3) Where any of the 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or sub-section (2) has not been complied with, the hirer may institute a suit for getting the hire-purchase agreement rescinded; and the court may, if it is satisfied that the failure to comply with any such requirement has prejudiced the hirer, rescind the agreement on such terms as it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.

[Contrast section 2(2), opening lines H.P.A., 1938]

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