Hire-purchase law, Business Law and Ethics

Assignment Help:

Hire-Purchase Law

A person who wants to buy goods through does not have the like "money consideration" prescribed through the Sale of Goods Act like their price may enter in an agreement with their owner where through he will hire the goods and like ultimately purchase them. An agreement is legally acknowledge as like; "hire-purchase" contract. Further as a contract, the agreement is governed through the rules of the common law. Moreover, the common law rules such were found to be unfair in like certain respects and, such in an attempt to provide a fairer mechanism to forming the contract and somewhat greater protection to the parties for the transaction, the Hire-Purchase Act like cap 507 was passed in year 1968. However the preamble to the Act declares that it is like "an Act of Parliament for make provision for the regulation of certain hire-purchase agreements so, and for the licensing about hire-purchase concerns, and with purposes connected therewith". Additionally it should be noted that the Act applies merely to like; "certain hire-purchase such agreements". Although these are mentioned in like S.3 and are:like;

(i)Hire-purchase agreements entered in after the commencement of the Act under like the hire-purchase price does not exceed such the sum of Shs like 80,000. This type of provision was amended through the Statute Law like Miscellaneous Amendments Act 1992 such provided, with effect from date 23rd October 1992, A new maximum limit of Shs as 300,000 "or such other higher or may lower sum as the Minister may, taking in account market after forces from time for time prevailing, prescribe" there.

(ii)The hirer is not a body corporate, anywhere incorporated.

(iii)An agreement that is not a scheme controlled, managed or guaranteed through the Government about the purpose of providing loans for any persons for the purchase of motor vehicles also there.


Related Discussions:- Hire-purchase law

Discuss intellectual property rights protect, QUESTION Many governments ...

QUESTION Many governments around the world have sought to address the problems posed by materials on the Internet that are illegal under their offline laws, and those considered

Explain the white paper of parliamentary procedures, Explain the white pape...

Explain the white paper of parliamentary procedures. White Paper: It sets out the intention of the legislation and takes in account comments which have been received onto

Legal pyramid, Legal Pyramid: However the sources of England law menti...

Legal Pyramid: However the sources of England law mentioned above may be described through the aid of the following diagram or "legal pyramid"; NOTE: there as;

What is the dispute resolving mechanism, What is the dispute resolving mech...

What is the dispute resolving mechanism Obligation to follow a treaty between states arises only when it has been concluded in a written form. Moreover, a treaty must be in a

Describe the various sources of law that exist, QUESTION 1 Describe the...

QUESTION 1 Describe the various sources of law that exist QUESTION 2 Define „Statutory Interpretation? and explain the various methods that exist to interpret a statute

Members voluntary winding up, Members voluntary winding up: In a membe...

Members voluntary winding up: In a members' voluntary winding up the creditors play no part since the assumption is that their debts will be paid in full.  There is no committ

Explain claimed circumstances, Question 1 - Hatfield owned a large farm...

Question 1 - Hatfield owned a large farm on which he grew grain. His combine was inadequate in relation to the acreage of grain that he harvested annually. As a result, on seve

Rules for partnership - partnership law, Rules for Partnership - Partnershi...

Rules for Partnership - Partnership Law Joint tenancy, as such tenancy in common then joint property or common property and may part ownership does not of itself produce a

Lord coleridge - judicial elucidation of acts, lord Coleridge - Judicial el...

lord Coleridge - Judicial elucidation of acts: However lord Coleridge stated in Rv PETERS  as like "I am quite aware which dictionaries are not to be taken as authoritative ex

Business and company law, ali send an offer to bakar on 13/9/2010 by fax.on...

ali send an offer to bakar on 13/9/2010 by fax.on 14/9/2010 ali change his mind and revoke the offer by fax unfortunately bakar''s fax machine not working and ali call for bakar. b

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd