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Hire Purchase and Leasing (Consumer Credit Act 1995 (Hire purchase…
Hire Purchase and Leasing
regular installments-full payment-buyer
rent agreements
bailment-particular purpose
Bailee may buy
option to buy
short/long term
Consumer Credit Act 1995
Hire purchase agreement-dealer and consumer
Finance company-Hire Purchase to the consumer
Common Law-finance company
Section 80- Hire Purchase to hirer
Section 57-cash price-writing,ticket/label/catalogue
Section 58-notification in writing-10 days of making agreement
Section 59-cant enforce without 57 and 58
Hire Purchase Agreement-Offer,Acceptance, Consideration,Legal intent
Section 74
right to sell-implied
3rd party has a lien
Section 75
let by description-implied
Section 76
reasonable standard and fit for purpose
Section 77
bulk correspond to the sample
Section 79
Exclusion of Implied Terms
Section 63-Termination
Hirer terminates the agreement
Terminate at any time-writing,paid sum to reach half of Hire Purchase, Damages for wear and tear
Owners Rights
Section 62-Entry to Premises
Section 64-Recovery of Goods
Section 66-The courts discretion-one third paid
Transfer of ownership
Hirer-bailee
nemo dat quod no habet rule- no one gives what he doesn't have
Section 70-open/public market or 3rd party bought in good faith
Leasing
renting goods
Short/Long term
Financial lease-owner not responsible e.g. equipment
Operating Lease-owner is responsible-aircraft
CCA protects people
statutory implied terms