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THE HIRE-PURCHASE ACT, 1972

Title : THE HIRE-PURCHASE ACT, 1972

Year : 1972



(1) Every hire-purchase agreement shall be-

(a) In writing, and

(b) Signed by all the parties thereto.

(2) A hire-purchase agreement shall be void if in respect thereof any of the requirements specified in sub-section (1) has not been complied with.

(3) Where there is a contract of guarantee, the hire-purchase agreement shall be signed by the surety also, and if the hire-purchase agreement is not so signed, the hire-purchase agreement shall be voidable at the option of the owner.



(1) Every hire-purchase agreement shall state-

(a) The hire-purchase price of the goods to which the agreement relates;

(b) The cash price of the goods, that is to say, the price at which the goods may be purchased by the hirer for cash;

(c) The date on which the agreement shall be deemed to have commenced;

(d) The number of installments by which the hire-purchase price is to be paid, the amount of each of those installments, and the date, or the mode of determining the dale, upon which it is payable, and the person to whom and the place where it is payable; and

(e) The goods to which the agreement relates, in a manner sufficient to identify them.

(2) Where any part of the hire-purchase price is, or is to be, paid otherwise than in cash or by cheque, the hire-purchase agreement shall contain a description of that part of the hire-purchase price.

(3) Where any of the requirements specified in sub-section (1) or sub-section (2) has not been complied with, the hirer may institute a suit for getting the hire-purchase agreement rescinded; and the court may, if it is satisfied that the failure to comply with any such requirement has prejudiced the hirer, rescind the agreement on such terms as it thinks just, or pass such other order as it thinks fit in the circumstances of the case.



Where by virtue of two or more agreements in writing, none of which by itself constitutes a hire-purchase agreement, there is a bailment of goods and the bailee has an option to purchase the goods and the requirements of section 3 and section 4 are satisfied in relation to such agreements, the agreements shall be treated for the purposes of this Act as a single hire-purchase agreement made at the time when the last of the agreements was made.

Last updated on July, 2016

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