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WorksheetsHIRE-PURCHASE REGULATIONS
Total questions: 15
Worksheet time: 11mins
Section (2) defines Hire-Purchase as a ...............................
separate contract for each types of goods
contract of letting goods
with an option to purchase
agreement must in writing
agreement for the purchase of goods by installments
Section 5 (1) states within (a) days after the HP agreement is completed, the owner shall serve on each hirer and the guarantors a copy of the agreement.
a breach of (a) is a serious breach and it goes to the root of the contract.
a breach of warranty is a less serious breach and it does not entitle the party not in breach to repudiate the contract but to sue for (a) only
Under implied warranties of HP Act provide that the hirer shall have and enjoy quiet possession of the goods
TRUE
FALSE
Identify the statutory rights of Hirer.
Right of Assignment
Right to Repossession
Right to Terminate the agreement
To pay arrears
Which is NOT the rights of owner to repossess the goods provided under section 16(1) of HPA 1967
hirer has defaulted 2 successive payments
payment of installments is less than 75% of the total cash price of the goods
owner has served on the hirer notice in writing in the 4th schedule
owner appoint non-permit holder
Section 16(1D) provides if the hirer dies, owner may repossess if there has been (a) successive defaults of payments.
Which is NOT the obligations of the Hirer?
to pay installment
hirer not to defraud
to prepare guarantors if requested
to be supplied with documents
theowner shall have a right to sell the goods to X when the payments are completed by the Hirer.
TRUE
FALSE
what are goods under HPA 1967
hirer may complete the purchase of the goods by paying the net balance due under the agreement in 2 situations which is........
at any time during the continuance of the agreement
after the owner has repossessed the goods
after the owner has sell the goods to another buyer
after hirer defaulted 4 successive payments
repossession can only be made after (a) days from the date of serving in 4th schedule notice.
section 11 confers a right on hirer to apply to a Magistrate's Court for an order permitting him to move the goods to some other place
TRUE
FALSE
a hirer who returns the goods within 21 days after the service of notice in 4th schedule shall not be liable to pay...
the cost of repossession
the cost incidental in taking possession
the cost price of the goods
the cost of storage
