WorksheetsHire purchase and Leasing
Total questions: 20
Worksheet time: 8mins
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
Leasing comes under which section ..........
Section 63(12)
Section 65(12)
Section 65(10)
Section 64(22)
Leasing comes under the following ACT.......
Finance Act, 1994
Finance Act,1992
Finance Act,1996
Finance Act,2013
Who owns the asset is a ......
Lessor
lessee
Who owes the asset from its owner is a ......
Lessor
Lessee
India leasing industry is at which place at world ....
15
14
13
9
The first leasing Industry was established in .....
SEP 10,1984
Sep 10,1973
Sep 10,1942
Sep 10,1996
Leasing companies are categorized under (a)
There were no entry restrictions to leasing business till ....
1994
1996
2013
1984
To form a Leasing contract, there must be
lessor and lessor
lessee and lessor
lessee and lessee
only lessor
Leasing is a contract between parties
True
False
