Explain the term hire “purchase”
The hire purchase act implies some terms in every hire purchase agreement. One of these terms is merchantability. This is a
Explanation of the term hire “purchase”
Hire purchase is a method of buying goods in which the purchaser takes possession as soon as he has paid an initial installment of the price, that is, deposit and obtains ownership when he has paid all instalments.
- Presentment must be made by the holder or by some person authorized to receive payment on his behalf.
- Presentment must be made at a reasonable hour on a business day at the proper place.
- Presentment must be made either to the person named in the bill as the payer or to some person authorized to payer to refuse payment on his behalf.
- A bill must be presented at the proper place as specified in the bill or at the address of the drawee or acceptor.
- Where the bill is presented for payment at the proper place and no person authorised to pay or refuse payment is found, no further presented to the drawee or acceptor is required.
- If a bill is drawn upon or accepted by two or ‘more persons who are not partners, and no place of payment is specified the bill must be presented to them all.