What is hire purchase degree 1974?

Asked by Eric Ekpor

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Answers (1)

RA

Rudolph Apeyusi

Apr 28 2022

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It is referred to as the

Hire-Purchase Act, 1974 (N.R.C.D. 292) and applies exclusively to hire-purchase agreements and conditional sale agreements. All other sale transactions (outright sales and credit sales) are governed by the Sale of Goods Act. In spite of the new law, it could be argued that Hire-Purchase Agreements are still governed by the Sale of Goods Act. This is because although Section 26 of NRCD 292 clearly repeals Part VIII of the Sale of Goods Act and the definition of hire-purchase in Section 81, no mention is made of

Section 1(2) of the Sale of Goods Act .

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