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Hire Purchase - Coggle Diagram
Hire Purchase
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Hire Purchase Price
Total sum payable by the hirer under a hire purchase agreement in order to complete the purchase of goods
Includes deposit, monthly installment and monthly interest
Formation
Section 4(4) – Hire purchase contract made without serving or giving the notice required by section 4 (1), the agreement shall be void.
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Section 4(2) - Notice must be served by delivering it in person to the intending hirer and hirer must acknowledge receipt
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Section 31(1) - Deposit
If there is no prescribed minimum deposit required of a hirer, an owner entering into a hire purchase agreement must first obtain from the hirer a deposit to a value not less than one tenth (1/10).
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