LAW416 hire of purchase.docx - LAW416 BUSINESS LAW GROUP NAME NORSAFIRAH 2019196553 BT IMAN 2019555243 BINTI NURUL BALQIS 2019398771 BINTI MIZA SAHIRA

LAW416 hire of purchase.docx - LAW416 BUSINESS LAW GROUP...

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LAW416 : BUSINESS LAW GROUP NAME : NORSAFIRAH BT NORAMIN 2019196553 IMAN BINTI ISMAIL 2019555243 NURUL BALQIS BINTI MOHD ZULKIFLI 2019398771 MIZA SAHIRA BINTI MOHAMAD JAMIL 2019560089 SYAHIRAH BINTI SALSAGAP 2019707959 NUR MUMTAZAH BINTI ABD RAHIM 2019310589 SHAHIRAH NAJWA BINTI TAJUDDIN 2019726229
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LECTURE NAME : MISS SHARIFAH ASMAA’ BINTI SYED AZMAN QUESTION 6 Explain the statutory rights of hirer as provided by the Hire Purchase Act 1967. System of acquiring goods on credit whereby the seller of the goods is regarded as the dealer; the purchaser is regarded as the hirer and the finance company as the owner is known as hire purchase. This hire purchase agreement is governed by Hire Purchase Act 1967. However, this agreement, is only applies to goods specified in the first schedule of the said Act. According to the Section 2 (1) of the Hire Purchase Act 1967 defined this agreement as “hire purchase agreement” includes a letting go of goods with an option to purchase an agreement for the purchase of goods by installments (whether the agreement describes the installment as rent or hire or otherwise). Even though this agreement is only applies to goods specified in the first schedule of the said Act, there are two definition where it is not under definition of hire purchase. First is any transactions where the property in goods passes at the time of the agreement or upon or before delivery of the goods while the second one is any transactions where a dealer in the same goods contracts to buy similar goods from another person. The Hire Purchase Act 1967, provides several provisions concerning the rights and duties hirers under hire- purchase agreements. There are seven of statutory rights of hirers such as right to a Copy of Agreements and Statement of current position according to section 5 and section 9. In this situation, within 21 days the hirer has a right to be served by the owner a copy of the agreement. Before the final
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  • Fall '15
  • hire purchase, statutory rights of hirer

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