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Revised HIRE PURCHASE LAW & CARRIAGE OF GOODS

Steve Oke Chapchap Market No Comments

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Spread the love VIEWS: 279 Course: Economics of Money and Banking (ECO 216) HIRE-PURCHASE LAW & CARRIAGE OF GOODS A party who wants to buy goods but does not have the ‘money consideration’ which is legally payable under the Sale of Goods Act as their price may enter into an agreement with their owner where s/he will hire the goods with a view to ultimately purchasing them. Such agreement is legally referred to as a ‘hire-purchase’ contract. As a contract, the agreement is governed by the rules of common law, which however, are found to be unfair in certain respects. To provide a fair mechanism for forming the contract and to give greater protection to the parties to the transaction, the Hire Purchase Act (Cap 507) was passed in 1968. The preamble to the Act declares that it is “an Act of parliament to make provision for the regulation of certain […]


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loan jazz

Steve Oke Chapchap Market No Comments

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Spread the love VIEWS: 164 Spread the love


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