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Business Law 2 Notes on Hire Purchase

Institution: University Level

Course: Bachelor of Commerce

Content Category: Lecture Notes

Posted By: evedee

Document Type: PDF

Number of Pages: 2

Price: KES 20
 
    

Views: 2280     Downloads: 51

Summary

Hire purchase law simply explained. Case laws and terms implied in hire-purchase.

Brief Overview:

Hire purchase agreement is a contract whereby the owner of goods hires them (gives out) to another person known as the hirer and gives him the option to purchase the goods. The owner of goods is known as “hiree” and the person to whom goods are given is known as the “hirer”.
The property in the goods on hire does not pass on to the hirer until the hirer accepts to purchase the goods and pay for the goods the entire price. Payments under hire purchase agreements are done in installments.
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