Hire Purchase

Hire Purchase Agreement

includes a letting of goods with an option to purchase and an agreement for the purchase by installment

Formation

Section 4(1) (a) & (b) (i) (ii)

Section 4(2)

LAW416

The Hire Purchase Act 1967

if parties have agreed to bound by the provision of Act

case: Kesang Leasing Sdn Bhd v Mohd Yusof

Content of hire purchase agreement

Section 4C (1) (a) of Hire Purchase Act

Every hire purchase agreement shall specify

Section 4C (1) (c) of Hire Purchase Act

Every hote purchase agreement shall set out in a tabular form

Section 4C (2)

Agreement which does not comply with this requirement is void

Section 4C (3)

Owner enters into agreement without station the contents, guilty of an offence under Section 46

Alteration Of Hire Purchase Agreement

Section 39

Deposit

Section 31(1)

Effect of breach

breach of condition

breach of warranty

Statutory rights of Hirer

Section 9

Section 10

Section 11

Section 12

Section 13

Section 14

Section 15

Terminologies

Section 2 of Hire Purchase Act

Owner

Hirer

Dealer

Price

The total sum payable in order to complete the purchase of goods

Hire purchase price

Deposit

Monthly installment

Monthly interest

Required of Hire Purchase Agreement

Section 4A Hire Purchase Act

agreement be in writting

Section 4A (1)

agreement be in writting

Section 4A (2)

Failure to do will render the agreement as void

Section 4 (3)

owner willl be guilty of an offence under Section 46

Section 4B Hire Purchase Act

agreement to be signed

Section 4B (1)

agreement should be signed by or onbehalf of all parties

Section 4B (2)

signed all the forms,doc or agreement have been fully completed

dealer cannot insist on hirer to sign incomplete hire agreement

Section 4B (3)

agreement not signed or signed without completed , the agreement shall be void

Section 4B (4)

dealer who fails to sign/sign an incomplete shall be guilty under section 46

Separate Agreement of Every Item of Goods

Section 4D (1)

Section 4D (2)

Copy of Documents to be Served

Section 5(1)

Section 5(4)

Implied condition and warranties in hire purchase agreement

Section 7 (1) (a)

Section 7 (1) (b)

Section 7 (1) (c)

Section 7 (2)

Liability of Owner And Dealer For Misrepresentation

Section 8 (1)

Guarantor

a person who guarantees to the owner that the hirer would perform his obligations and agreements undertakes to repay the hirer debt to the owner should the hirer fail to pay debt by the due date

the right of guarantor v hirer

Section 24(1)

Section 24(2)

the right of guarantor v owner

Section 23(1)

Section 23 (2)