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Hire Purchase
 
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In this lecture I have explained about Hire purchase agreement .
Views: 15740 deepika singla
Hire-Purchase Act 1967
 
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A hire-purchase or financing ownership is essential when you want to own a vehicle.But, before signing any document, do you really understand the term and condition written in the document? Do you know the rights under hire purchase laws. In Malaysia, hire purchase is governed by the Hire Purchase Act 1967 (“HP Act”).
Views: 162 Tagyard Worldwides
Hire Purchase | Meaning | Feature | Obligation | Advantage | Disadvantage |
 
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Meaning - Hire purchase system originated in U.K. - Hentry moore a Piano maker introduced this system in 1846 - It is defined as transaction in which the goods are let on hire with an option to the hirer to purchase them with the following stipulations 1. Payment to be made in installments over a specified period 2. the possession is delivered to the hirer at the time of entering in to the contract 3. the ownership in the goods passes to the hirer on payment of the last installment Obligation 1 To comply with the agreement. 2 To take care of goods. 3 Not to make unathorised use. 4 To give information. 5 To refund on seizure of goods. Hire purchase aggrement Hire purchase is based on an agreement.It has to be in writing and signed by both parties. The agreement must contain 1. Description of the goods 2. Hire purchase price of the goods 3. The date of commencement of the agreement. 4. The number of instalments ,amount, and due date Advantage i. Financing of an asset through hire purchase is very easy. ii. Hire purchaser becomes the owner of the asset in future. iii. Hire purchaser gets the benefit of depreciation on asset hired by him/her. iv. Hire purchasers also enjoy the tax benefit on the interest payable by them. Disadvantage i. Ownership of asset is transferred only after the payment of the last installment. ii. The magnitude of funds involved in hire purchase are very small and only small types of assets like office equipment’s, automobiles, etc., are purchased through it. iii. The cost of financing through hire purchase is very high.
Views: 479 Smart Education
Malaysia Commercial Law ( Hire Purchase Act )
 
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This video is about a Hire-Purchase act. It shows the procedure of how to hire an asset which is in this case is car. It also will let us identify the hirer and the owner of that particular assset.
Views: 1373 MOHAMAD BUKHARI
Sale vs Heir Purchase | Formation of the Contract of Sale | CA CPT | CS & CMA Foundation
 
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Sale vs. Heir Purchase, Learn Formation of Contract of Sale, What is Contract of Sale, Types of Goods and Formalities, Delivery and Transaction Similar to Sale. For Details Visit https://www.meraskill.com/ca-cpt/law/formation-contract-of-sale WhatsApp Now: 8692900017 http://www.meraskill.com/ our other chapters in this series Accounts by Sheela Madam http://bit.ly/AcctsIntro http://bit.ly/AcctJournaltoCB http://bit.ly/CR_ROE http://bit.ly/BankRecoS http://bit.ly/MSInventory http://bit.ly/MSDep http://bit.ly/MSFinalAc http://bit.ly/MSConsignment http://bit.ly/MSJointV http://bit.ly/MSBillsOfExchg http://bit.ly/MSSalesReturn http://bit.ly/MSPartnership1 http://bit.ly/MSPartnership2 http://bit.ly/MSCompanyActs1 http://bit.ly/MSCompanyActs2 Law by Bharat Sir http://bit.ly/MSNatureofContract http://bit.ly/MSConsideration http://bit.ly/MSEssentialElements http://bit.ly/MSPerformanceOfContract http://bit.ly/MSBreachOfContract http://bit.ly/MSContingent_Quasi http://bit.ly/MSFormationContractOfSale http://bit.ly/MSCondition_Wattanties http://bit.ly/MSTransferOfOwnership http://bit.ly/MSUnpaidSeller http://bit.ly/MSNatureOfPartnership http://bit.ly/MSRelationshipOfPartners http://bit.ly/MSRegistration_Dissolution Micro by Bharat Sir http://bit.ly/MSIntroMicroEconomics http://bit.ly/MSDemand http://bit.ly/MSTheoryofCB http://bit.ly/MSSupply http://bit.ly/MSTheoryOfProd http://bit.ly/MSTheoryOfCost http://bit.ly/MSMarket http://bit.ly/MSPriceDetermination Macro by Jaya Madam http://bit.ly/MSNatureOfIndianEconomy http://bit.ly/MSRoleOfDiffSectors http://bit.ly/MSNationalIncome_Tax http://bit.ly/MSPopulation_Poverty_Unemployment http://bit.ly/MSInfrastuctureChallnges http://bit.ly/MSBudget_Money_Banking http://bit.ly/MSEconomicsReforms Maths by Anand Sir http://bit.ly/MSRatio_Propr http://bit.ly/MSIndices_Log http://bit.ly/MSEquations http://bit.ly/MSInequalities http://bit.ly/MSInterest http://bit.ly/MSPermutaion_Combination http://bit.ly/MSAP_GP http://bit.ly/MSSets_Function http://bit.ly/MSLimits http://bit.ly/MSDifferentiation http://bit.ly/MSIntegration -- photo MeraSkill WhatsApp 8692900017 | www.meraskill.com | [email protected]
Views: 8199 Mera Skill
What is HIRE PURCHASE? What does HIRE PURCHASE mean? HIRE PURCHASE meaning & explanation
 
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What is HIRE PURCHASE? What does HIRE PURCHASE mean? HIRE PURCHASE meaning - HIRE PURCHASE definition - HIRE PURCHASE explanation. Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license. Hire purchase (abbreviated (HP) this is an arrangement whereby a customer acquires an asset by paying an initial installment (e.g. 40% of the total) and repays the other part of the cost of the asset over a period of time or term for a contract, in which a purchaser agrees to pay for goods in parts or a percentage over a number of months. In Canada and the United States, a hire purchase is termed an installment plan although these may differ slightly as in a hire purchase agreement the ownership of the good remains with the seller until the last payment is made. Other analogous practices are described as closed-end leasing or rent to own. The hire purchase agreement was developed in the United Kingdom in the 19th century to allow customers with a cash shortage to make an expensive purchase they otherwise would have to delay or forgo. For example, in cases where a buyer cannot afford to pay the asked price for an item of property as a lump sum but can afford to pay a percentage as a deposit, a hire-purchase contract allows the buyer to hire the goods for a monthly rent. When a sum equal to the original full price plus interest has been paid in equal installments, the buyer may then exercise an option to buy the goods at a predetermined price (usually a nominal sum) or return the goods to the owner. If the buyer defaults in paying the installments, the owner may repossess the goods, a vendor protection not available with unsecured-consumer-credit systems. HP is frequently advantageous to consumers because it spreads the cost of expensive items over an extended time period. Business consumers may find the different balance sheet and taxation treatment of hire-purchased goods beneficial to their taxable income. The need for HP is reduced when consumers have collateral or other forms of credit readily available. These contracts are most commonly used for items such as car and high value electrical goods where the purchasers are unable to pay for the goods directly. If the seller has the resources and the legal right to sell the goods on credit (which usually depends on a licensing system in most countries), the seller and the owner will be the same person. But most sellers prefer to receive a cash payment immediately. To achieve this, the seller transfers ownership of the goods to a Finance Company, usually at a discounted price, and it is this company that hires and sells the goods to the buyer. This introduction of a third party complicates the transaction. Suppose that the seller makes false claims as to the quality and reliability of the goods that induce the buyer to "buy". In a conventional contract of sale, the seller will be liable to the buyer if these representations prove false. But, in this instance, the seller who makes the representation is not the owner who sells the goods to the buyer only after all the installments have been paid. To combat this, some jurisdictions, including Ireland, make the seller and the finance house jointly and severally liable to answer for breaches of the purchase contract.
Views: 7159 The Audiopedia
What is Hire Purchase (HP)?
 
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HP or Hire Purchase is one of a number of finance products available to car buyers, which allows you to spread the cost of the car over a period of time. Subscribe for more videos from Auto Trader every Friday: http://bit.ly/1AqiIny Don't forget to click the notifications button so you'll be the first to see any new videos. Auto Trader is the UK’s biggest, best and most trusted car buying website, and our YouTube channel will help make finding your next vehicle easier than ever. Every week, we’ll present the latest new car reviews, covering everything from supercars to superminis. Our motoring experts write jargon-free verdicts, cover real-world practicality, recommended specifications and reveal the real cost of ownership. We also ask some of Britain’s most passionate drivers to share their stories, along with news, advice, Best ofs, used car guides and motorcycle reviews. Auto Trader: https://www.autotrader.co.uk Facebook: https://www.facebook.com/autotraderuk Twitter: https://twitter.com/AutoTrader_UK Instagram: https://instagram.com/autotraderuk
Views: 13814 Autotrader
The Difference between Hire Purchase, Credit Sales, Leasing and Bank Loans
 
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In this video we explore various forms of medium term financing and look to how this industry can be interrupted with blockchain, cryptocurrencies and various other forms of Fintech. The Difference between Hire Purchase, Credit Sales, Leasing and Bank Loans comes down to ownership. HP ownership changes at the end, credit sales at the start, lease no change, bank loans have collateral. Join the Actuarial Facebook group. https://www.facebook.com/WitsActuaries
Views: 4098 MJ the Fellow Actuary
Hire Purchase Explained
 
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HP or Hire Purchase agreements enable customers to purchase their vehicle, without a getting weighed down up front with the total cost of the car. Customers can break down the cost into a deposit and manageable monthly payments. At the end of the contract, the vehicle belongs to the customer. Watch our video to find out more.
Hire Purchase Agreement
 
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Assignment question.-- Created using PowToon -- Free sign up at http://www.powtoon.com/youtube/ -- Create animated videos and animated presentations for free. PowToon is a free tool that allows you to develop cool animated clips and animated presentations for your website, office meeting, sales pitch, nonprofit fundraiser, product launch, video resume, or anything else you could use an animated explainer video. PowToon's animation templates help you create animated presentations and animated explainer videos from scratch. Anyone can produce awesome animations quickly with PowToon, without the cost or hassle other professional animation services require.
Views: 1244 Samaniyatun Yusoff
Hire Purchase Explained
 
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Confused about car financing? We don't blame you, it can be a pretty hard to understand the ins and outs at first, but don't worry we're here to help! Watch OSV's straightforward guide to HP (Hire Purchase) and get down all the basics in just minutes! Subscribe to the OSV channel for more quick finance guides plus your own FREE guide to vehicle finance (plus lets not forget our independent car reviews): http://www.youtube.com/subscription_center?add_user=OSVLtdVehicleSupply Visit the OSV website: http://www.osv.ltd.uk/
Views: 25668 OSV
Hire Purchase by CA /CMA Santosh Kumar
 
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Demo Lecture of Hire Purchase for Class 11th,Class 12th,B.com,M.com,CA,CMA,CS by CA/CMA Santosh Kumar. Visit https://www.conceptonlineclasses.com/ for full lectures Call us on 7303445575, 9999631597, 8448322142 Like and follow us on facebook- https://www.facebook.com/pages/catego... Link for other Lectures :- Hire Purchase (Stock and Debtor Method):- https://youtu.be/N0kZgfe5qNU
Views: 242147 santosh kumar
UNITEN MALAYSIAN COMMERCIAL LAW -  SEM 2 2018/2019 HIRE PURCHASE AGREEMENT(1M)
 
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Tells the tale of HazwanAboy, a passionate music enthusiast with a dream of being a star. He bought a guitar with an exorbitant price with the help of a financing company through a HIRE PURCHASE AGREEMENT. Will Aboy manage to fulfill his dream or stumble and get his guitar repossessed? WATCH TIL THE END!
Views: 308 Syamil Mazmi
Hire Purchase
 
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Views: 71427 Volkswagen UK
Hire Purchase Act
 
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Study-- Created using PowToon -- Free sign up at http://www.powtoon.com/youtube/ -- Create animated videos and animated presentations for free. PowToon is a free tool that allows you to develop cool animated clips and animated presentations for your website, office meeting, sales pitch, nonprofit fundraiser, product launch, video resume, or anything else you could use an animated explainer video. PowToon's animation templates help you create animated presentations and animated explainer videos from scratch. Anyone can produce awesome animations quickly with PowToon, without the cost or hassle other professional animation services require.
Views: 326 Syabila Faudzi
The sale of goods act 1930 (Hire- purchase agreement,ingredients  ) hindi me
 
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The sale of goods act 1930 (Hire- purchase agreement,ingredients ) hindi me अवक्रय करार ,अवक्रय करार के अवयाश्क तत्त्व विक्रय व् अवक्रय करार में भेद,
Views: 57 solution by expert
Business Law DSM 3C ( Definitions & Formation Hire-Purchase )
 
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This is assignment video Business Law Powtoon. Thanks to Madam Eliza for support this video
Views: 74 Amir Lala
Hire Purchase (HP) Explained
 
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Thinking of financing your next car and wondering what your options are? The UK's leading motor finance broker, Evolution Funding, explains how Hire Purchase or 'HP' works. © Evolution Funding. All rights reserved | Evolution Funding Limited and associated trading styles is authorised and regulated by the Financial Conduct Authority for credit brokerage. We are a credit broker not a lender. Our FCA number is 669005. Finance subject to status. Terms and Conditions apply. A guarantee may be required. Over 18’s only. PLEASE ENSURE YOU CAN AFFORD THE REPAYMENTS FOR THE DURATION OF A LOAN BEFORE ENTERING INTO A CREDIT AGREEMENT. We work with a number of carefully selected credit providers who may be able to offer you finance for your purchase. We are only able to offer finance products from these providers and they may provide an incentive to us to do so. Prices, offers and information correct at time of publishing.
Views: 6723 Evolution Funding
2 1 Hire Purchase
 
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Introduction to Hire Purchase and Instalment Purchase system
Views: 112963 Gagan Kapoor
What is Hire Purchase car finance?
 
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Hire Purchase is very straightforward and the traditional way to finance the purchase of your new car. We take the price of the car, deduct any deposit you are paying – which could be from a part exchange, then add interest based on the number of years you are spreading the cost (anything from 1-5 years). The remaining figure is divided by the number of months you are paying it back over.
Views: 5874 Perrys
9 Hire Purchase Agreement
 
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Hire Purchase is a kind of bailment (transfer of possession without transfer of ownership) with option to buy. The hirer is just a Bailee of the goods with right to use the goods.  Law : Hire purchase agreements are governed by the Hire Purchase Act, 1972.  Parties : There are two parties in a hire purchase agreement, the ‘Hirer’ and ‘Hire Vendor’.  Payment : The hirer has to pay hire purchase instalments, at intervals, as specified in the hire purchase agreement.  Rights of Parties o Rights of Hirer : After full payment of agreed instalments, the Hirer gets an option to buy the goods and become the owner of the goods. o Rights of Hire Vendor : The Rights of Hire Vendor (seller) is limited to the repossession of goods.  Ownership : The hirer becomes the owner of such goods after payment of last instalment.
Views: 1596 Sikshayati
LAW240-Hire Purchase
 
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Views: 1286 Titek Sobah
LAW240 - HIRE PURCHASE
 
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Puppet's voice Muhammad Khasya Bin Saharudin as Abu Farah Najla Binti Mohd Zaki as Mom Kharunisa Syafiqah Binti Rozuwan as Papa Nur Aimi Nadirah Binti Abu Hashim as Alia, Abu's sister. Nur Adlina Binti Ismail as Salesgirl and Banker.
Views: 57 Ac1103P Law240
What is a Hire Purchase Agreement?
 
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So you've found your next car, the next question is, what are your funding options? In every Sytner Group Dealership you will find a finance specialist who can advise you on the variety of funding solutions available for both private individual and business user customers. One way to finance your car purchase with Sytner Group is through Hire Purchase (HP). HP is one of the most straightforward ways to purchase your vehicle and is ideal if you prefer to have outright ownership of your car and generally change your car at intervals of greater than 48 months. This video explains in a little more detail how HP works, which we hope is helpful - and when you are ready, pop into a dealership and our finance specialists will be on hand to help you to decide on the best finance solution to suit your needs. http://www.sytner.co.uk
Views: 7146 SytnerGroup
What is a Hire Purchase Agreement?
 
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Wondering about hire purchase agreement? Learn the basics with this video.
Views: 14 TC Harrison Ford
LAW 240 : HIRE PURCHASE
 
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This video is our Law240 assignment about hire purchase topic. Please show some support by like and share this video. Hope you enjoy this video and love you guys xoxo!
Views: 410 AC1104G
Hire purchase
 
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Hire purchase is the legal term for a contract, in which a purchaser agrees to pay for goods in parts or a percentage over a number of months. In Canada and the United States, a hire purchase is termed an installment plan although these may differ slightly as in a hire purchase agreement the ownership of the good remains with the seller until the last payment is made. Other analogous practices are described as closed-end leasing or rent to own. The hire purchase agreement was developed in the United Kingdom in the 19th century to allow customers with a cash shortage to make an expensive purchase they otherwise would have to delay or forgo. For example, in cases where a buyer cannot afford to pay the asked price for an item of property as a lump sum but can afford to pay a percentage as a deposit, a hire-purchase contract allows the buyer to hire the goods for a monthly rent. When a sum equal to the original full price plus interest has been paid in equal installments, the buyer may then exercise an option to buy the goods at a predetermined price or return the goods to the owner. This video is targeted to blind users. Attribution: Article text available under CC-BY-SA Creative Commons image source in video
Views: 1292 Audiopedia
Hire Purchase Maths CSEC CXC
 
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CSEC CXC Maths Hire Purchase
Views: 5076 Cappo Nelson
Hire purchase
 
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Business law ( law1203)
Views: 48 siti aishah
Hire Purchase Agreement
 
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For educational purpose only. No Copyright intended.
Views: 38 Muhammad Iqmal
Hire Purchase (HP) Explained - Car Finance - SMC Cars
 
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Buying a car via hire purchase (HP) is an incredibly popular choice for prospecting car buyers. With a flexible deposit sum and fixed monthly payments, hire purchase provides prospecting car buyers with flexibility throughout the term of their finance agreement. Hire purchase is available throughout the SMC group - contact your nearest dealership to learn more about HP or visit http://www.smc-cars.com/ford/personal-finance/.
Views: 1396 SMC Cars TV
Hire Purchase (HP) at Pat Kirk Ltd made easy!
 
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WHAT IS HIRE PURCHASE (HP) Hire Purchase could help you buy your dream car while spreading the cost. Agree an initial deposit with the dealer and your agreement term and monthly repayment amount then the dealer will submit the finance application to us and subject to your application being approved, you can just drive it away – and after you’ve made all the repayments including the interest the car’s all yours. HOW IT WORKS Borrow any amount from £1,000 for new or used cars Set your repayments to suit your budget Cars up to 14 years* old – repay over 1 – 5 years Flexible Deposit Options – 0% deposit may be available subject to status WHAT YOU NEED TO KNOW HP is ideal if you want to own your car outright at the end of your agreement & you like to budget and know the exact repayment amount each month The choice is yours: Choose any new or used car up to ten years’ old Budget with confidence: Fixed regular repayments, giving you peace of mind Protection under the Consumer Credit Act Termination Rights and Protection under the Consumer Rights Act You do not own the vehicle until the final repayment has been made
Views: 54 Pat Kirk Ltd
Hire Purchase Lecture 4
 
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Contact 84218 84218, 75887 75887 for Video Lectures in Pen Drive or visit www.cavidya.com
Views: 2627 Anand Bhangariya
02 Hire purchase system
 
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Views: 55527 NEERAJ GUPTA
Daily Balance Vs Hire Purchase Agreement in Tricycle Business (Keke Napep) in Nigeria
 
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what is a hire purchase agreement in Keke Napep (Tricycle Business)? This is an agreement written and signed by the owner of a Keke Napep (Tricycle) and the Driver. This Document is used to write down the legal rules of the contract that you are about to start with the person that will ride the Tricycle for you. Here is an Example of how to Draft a Hire Purchase Agreement for your Business. This must not be for Tricycle alone, it is also applicable to Car, Motorcycle or any Vehicle. I have made a Template or Sample for you and you can fill in the required spaces in the form: HIRE PURCHASE AGREEMENT HIRE PURCHASE AGREEMENT made this …………………………. day of …………………2017 BETWEEN Mr. Bongdap Nansel Nanzip of Lamingo, Jos North LGA, Plateau State, Nigeria (herein referred to as the “OWNER”) of the one part. AND Iliya of Gwafan, Jos North L. G. A, Plateau State, Nigeria (Herein referred to as the “HIRER”) of the other part. WHEREAS: 1. The subject matter of this Hire purchase agreement is TRICYCLE with Registration No. Plateat WAS 336 QD valued at 500,000.00 ( Five hundred thousand naira). 2. The OWNER is in true and lawful possession of the said TRICYCLE with Registration No. Plateau WAS 336 QD free from any and or all encumbrance or adverse claim from a third party. 3. The vehicle hereinafter called the PROPERTY being the property of the OWNER has the following particulars: (i) Registration No:­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ (ii) Engine No:­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ (iii) Chassis No:­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ (iv) Vehicle make:­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ (v) Vehicle model/colour:­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ 4. The HIRER has approached the OWNER for the purpose of purchase of the above named TRICYCLE under Hire purchase agreement. 5. The OWNER has consented to so sale under the terms and conditions contained herein under. NOW THIS AGREEMENT WITNESS AS FOLLOWS: 1. That the hire purchase sum for the aforesaid tricycle is N500, 000 naira only (Five Hundred thousand Naira) 2. That the installment payment is weekly and at the rate of N15, 000 (Fifteen thousand Naira) every Sunday. 3. That ownership in the Tricycle shall remain with the Owner and can only be transferred to the Hirer on discharge of the hire purchase sum. 4. That the Owner shall recover the said tricycle from the Hirer in default of non payment for a particular week except on grounds of repair by the Hirer. 5. That Owner must be informed within a reasonable time of such repair and site of repair. 6. That where the Owner recovers as in paragraph four above, the hirer forfeits all he has paid prior to the recovery. 7. That where the Hirer sales, cause to be sold and or through negligent act cause the Owner to loose his ownership of the tricycle, he or his surety shall be held liable for payment 8. That all the clauses contained in this agreement shall be binding on the parties and represents the true intent of the parties. IN WITNESS WHEREOF, the parties have set their hands and sign the day and year first above written. SIGNED, SEALED AND DELIVERED BY THE WITHIN NAMED OWNER ……………………………… Bongdap Nansel Nanzip In the Presence of: 1. Name:……………………………………….. Address:…………………………………….. Occupation:………………………………… Signature:……………………………………. SIGNED, SEALED AND DELIVERED BY THE WITHIN NAMED HIRER ……………………………… Iliya In the Presence of: 1. Name:……………………………………….. Address:…………………………………….. Occupation:………………………………… Signature:……………………………………. The above is the sample of how to draft a Hire purchase agreement. This is subject to Change and should not be used without your Lawyer.
Views: 1622 Bongdap Nansel Nanzip
LAW240 - HIRE PURCHASE (PARODY)
 
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This video presents The Statutory Rights Of The Hirer under Hire Purchase. Hope you enjoy the video! Genre : Parody Cast: 1- Siti Hasinah Binti Muhammed Ismail 2- Ain Seri Binti Ali Noor Roslan 3- Amir Haziq Bin Mat Saat 4- Imran Hakim Bin Saifullizan Prepared for: Puan Titek Sobah Bt Suyub
Views: 488 AC1104H UITM TAPAH
LAW240 - HIRE PURCHASE [ PANTOMIME ]
 
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The story on this video is based on Hire Purchase Act 1967. Starring: Mohammad Hairy Idham bin Hamzah Mohamad Fikri Bin Ahmad Hijazi Nur Zabrina Binti Zamzilan Nur Afifah Binti Abdul Halim Wong Prepared for: Pn. Titek Sobah Bt Suyub
Views: 170 LAW240 A4AC1204A
Car Hire Purchase Agreement, Hellenic Bank
 
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Car Hire Purchase Agreement, Hellenic Bank
Views: 73 viralekaton
10 Sale vs Hire Purchase
 
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Sale Hire Purchase Hirer gets right to use the goods by paying regular installments, but does not become owner, until all installments are paid. Sale may be an executed contract. Hire Purchase is an executory contract. ‘Sale’ is governed by the Sale of Goods Act, 1930. Hire purchase agreement is governed by Hire Purchase Act, 1972. The parties in a contract of sale are buyer and seller. The parties in a hire purchase agreement are hirer and hire vendor. A contract of sale can be made orally, implied from the conduct of parties or in writing. A hire purchase agreement can be made only in writing. In sale, the ownership of goods is transferred to the buyer immediately on Sale. In Hire Purchase, the ownership is transferred to the hirer on full payment of all installments. The goods are at the risk of the buyer after Sale. In Hire Purchase, risk of goods does not pass to hirer, until he becomes owner of goods. In Sale, Buyer does not get rights to return the goods after sale In Hire Purchase, the hirer may, at any stage, terminate the contract and return the goods to the hire vendor. In Sale, installment payment is regarded as part payment of price. In Hire Purchase, the installments paid by the hirer are regarded as hire charges for use of goods. Sales tax is payable as soon as ‘sale’ is made. In Hire Purchase, Sales tax is payable on exercising the option to purchase the goods after paying all the instalments by the hirer. In Sale, Buyer can immediately resell the goods. In Hire Purchase, Hirer cannot resell until the last instalment is paid. In sale, on insolvency of buyer, the seller gets ratable dividend only on the amount due. In Hire Purchase, on insolvency of the hirer, the hire vendor can take re-possession of goods. Sale is subject to the implied condition and warranties. Hire Purchase agreements are not subject to such condition and warranties.
Views: 1123 Sikshayati
Hire Purchase
 
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Views: 506 corpinteraction
Hire Purchase - Partial Repossession ~ For B.Com / M.Com
 
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Explained the concept and procedure of partial repossession in Hire Purchase system. Question Information: On 01.01.2010 Chetali purchased from Deepali three machines costing Rs.2,00,000 each payable Rs.50,000 down and three annual installments of Rs.60,000 for each machine at the end of each year. The purchaser charges depreciation on machines @ 10% p.a. on written down value method. Chetali could not pay second instalment and Deepali took possession of two machines. Value of the Machines repossessed was to be determined after charging 25% depreciation under straight line method. Deepali paid Rs.10,000 for repairs on repossessed machines and sold them for Rs.80,000 each. Show the necessary accounts in the books of Both the parties. Student can also watch following lectures related with the same topic : 1. Full Repossession in Hire Purchase : https://www.youtube.com/watch?v=Te8cJDfvuGI 2. Mid Year Partial Repossession in Hire Purchase : https://www.youtube.com/watch?v=ZdfHRqHYgnE Students can download relevant study material from the below mentioned link for better understanding of the concepts... Download Assignments: https://drive.google.com/drive/folders/0BzfDYffb228JNW9WdVJyQlQ2eHc?usp=sharing #HirePurchase #Repossession #Accounting
Views: 82673 CA. Naresh Aggarwal
Hire Purchase (HP) or Conditional Sale Explanation
 
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This adequate explanation of Hire Purchase (HP) or Conditional Sale is provided by Evolution Funding, the UK's leading motor finance broker. © Evolution Funding. All rights reserved | Evolution Funding Limited and associated trading styles is authorised and regulated by the Financial Conduct Authority for credit brokerage. We are a credit broker not a lender. Our FCA number is 669005. Finance subject to status. Terms and Conditions apply. A guarantee may be required. Over 18’s only. PLEASE ENSURE YOU CAN AFFORD THE REPAYMENTS FOR THE DURATION OF A LOAN BEFORE ENTERING INTO A CREDIT AGREEMENT. We work with a number of carefully selected credit providers who may be able to offer you finance for your purchase. We are only able to offer finance products from these providers and they may provide an incentive to us to do so. Prices, offers and information correct at time of publishing.
Views: 111 Evolution Funding
Hire Purchase Agreement
 
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http://banksconsultancy.com.au [Tidbit of the Day] In this video, we'll discover high purchase agreement and its GST implications. Watch the video to find out... ------------ Video Highlights: 0:06 - Tidbit of the day 0:12 - Hire purchase agreement changes since 1st July 2012 0:31 - Calculations before 0:55 - Increase in hire purchase agreement ------------ Watch this video on Youtube: http://www.youtube.com/watch?v=VYh_O5C64cg Leave a comment about this video and remember to subscribe to our channel! ------------- Be sure to like us on Facebook as well: http://facebook.com/banksconsultancy
Views: 214 Banks Consultancy
Hire Purchase Accounting - Basic Concepts | B. Com - Financial Accounting | Stay Learning | (HINDI)
 
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In this Chapter we will Learn 1) Calculation of Cash Price, interest, instalments in different cases 2) Journal entry in the book of Hire Purchase and Hire Vendor 3) Ledgers in the book of Hire Purchase and Hire Vendor 4) Small Value Items 5) Hire Purchase Trading Accounts 🔴 Buy Now all Video Lectures - http://www.vijayadarsh.com 🔴 Join us on Facebook: https://www.facebook.com/VijayAdarshIndia 🔴 Join us on Google+: https://plus.google.com/u/0/+VIJAYADARSH 🔴 Website: http://www.vijayadarsh.com 🔴 E-mail: [email protected] 🔴 Contact: +91 9268373738 (Buy Now all Video Lectures) 🔴 Visit Now : http://www.vijayadarsh.com
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Hire Purchase Account Part   I
 
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iss video mai hire purchase system & Hire purchase Agreement ka meaning sec 2(3) Hire purchase act 1972, Analytical table &Journal entry ko bataya gaya h.....................
difference between sale, hire purchase, bailment etc
 
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visit: https://www.catejwani.com/2242-2/ Difference between sale and agreement to sale Sale-agreement of sale property and risk transfer immediately – property and risk both not transferred It is executed contract – executory Seller can sue price – only damages if price not paid Liability of buyer – liability of seller Suit for damages -only damages because goods are still and recover the goods lying with seller. Sale and hire purchase It is considered both are similar but in legal incidents both are quite different. Sale-hire purchase Property immediately-last installment Buyer is owner- bailee. Not terminate bound to pay price-can terminate without paying remaining instalments. Insolvency risk on seller-vendor can take back the goods. Buyer can transfer title –hirer can not Tax at the time of contract-at last installment. Sale and bailment Sale-bailment Property transferred –possession transferred for safe custody, carriage, repair etc. Goods not returned - returned when purpose accomplished. Consideration exists in money-may or may not (gratuitous or not gratuitous) Sale and contract of work or labour both are different. Gold supplied to goldsmith or all colour given to painter are contract of labour or work not sale. Formalities of contract of sale (section 5) No specific form in act. But it can be made any of following modes: immediate delivery immediate payment of price and delivery at some future date. both are immediate Both in future Both are in installment. Subject matter of contract of sale: Section - 6 existing or future goods. Contingent contract – e.g. Cloth to be manufactured –may or may not happen Future goods only agreement to sale is possible. Destruction of subject matter: (section 7 and 8) Not exist at the time of contract – specific goods without knowledge of the seller or buyer destroyed. Mistake of fact. Void ab initio Perishing after contract: without fault of buyer or seller – void. Generally risk is transferred at the time of contract hence buyer will suffer, but however risk is not transferred seller is responsible. Ascertainment of price Price means monetary consideration for goods. Section – 9 fixed by contract Fixed in a manner like valuer. Dealing between party. If not fixed in above manner. Pay reasonable price which is a question of fact. Section 10 price has to be fixed by the third party. He does not make, agreement is void. If third party is prevented by either of party, party at fault is liable for the party who is not at fault.

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