Hire Purchase

Person who takes or has taken goods from an owner under a hire-purchase agreement is a _______________.

• Hirer

• Dealer

• Guarantor

• Owner

According to _________ Hire Purchase Act, the hire purchase agreement must be in writing.

• Section 4A

• Section 4B

• Section 4C

• Section 5

Within _____ days after the making of the agreement, the owner must serve on the hirer and guarantors each with copy of the agreement

• 7

• 14

• 21

• 28

Duty of a ___________ is to make monthly payment for monthly installments for the purchase of goods.

• Guarantor

• Owner

• Dealer

• Hirer

There must be at least ______ successive defaults in payment of the monthly installments

• 2

• 3

• 4

• 5

Duty of the owner and/or dealer to serve the hirer _____ Schedule notice for the intention to repossess.

• 2nd

• 3rd

• 4th

• 5th

◦If hirer pays the default within ____ days of service of the 4th schedule notice, the repossession would not be carried out.

• 7

• 14

• 21

• 28

Owner cannot sell or dispose off the repossessed goods without written consent hirer until the expiration of the 21 days after the date of service of the __________ schedule notice to hirer

• 1st

• 2nd

• 4th

• 5th

A ________ is a person who guarantees to the owner that the hirer would perform his obligations and normally in hire-purchase agreements undertakes to repay the hirer’s debt to the owner should the hirer fail to pay the debt by the due date.

• Owner

• hirer

• guarantor

• dealer

If agreement is not signed or is signed without having being completed, the agreement shall be _________.

• Valid

• Void

• Voidable

• Void ab initio