DUTIES AND RIGHTS OF PARTIES OF THE CONTRACT
Sellers owe the duty, subject to the express terms of the contract to:
i Deliver the goods and at the right time
ii Ensure that the goods supplied are of the right quantity and quality
iii Pass good title to the buyer
- Buyers too owe the duty, subject to the express terms of the contract
- To accept and pay for the goods
- To observed all stipulations as to time
HIRE PURCHASE ACT 1975
This Act spells out the rights and duties of the hire purchaser (buyer) and the hire vendor (seller) and also protects the buyer from cheating and exploitation.
PROVISION OF THE HIRE PURCHASE ACT (1975)
- In hire purchase transactions the cash sale price must be shown along with hire purchase price to enable the buyer know the difference.
- If the buyer defaults after paying 1/3 of the hire purchase price the seller cannot repossess the article except through court order
iii. The buyer has the right to stop paying the installments and return the article if he has paid ½ of the hire purchase price.
- Where the buyer is compelled or made to sign the Hire Purchase agreement at his home, he has the right to cancel it within three days of the contract.
Do You Like Our Lesson? Please Leave A Comment Below ↓