Law of Hire Purchase

It is natural that human beings are desirous of acquiring goods that make life habitable or in the case of going concerns, goods that keep the industrial wheel running; but, due to scarcity of funds, most desired goods are elusive; in order to ameliorate the worsening socioeconomic condition of the people and body corporate across the globe, hire purchase arose to enable the acquisition of goods that cannot be paid for immediately, in other words, rather than pay the full cost price for goods needed, hire purchase is the means by which payments are made by installments until the total cost price is paid and thereafter, the hirer may exercise the option to purchase the goods. Hire purchase may be conceptualized as a lever that creates opportunity for equitable ownership of goods when hirer is not financially able and it is of mutual benefit to the hirer and owner of goods; the hirer has immediate use of the goods, the owner, rather than have unsold stocks, benefit by receiving regular installments. This text is written to meet the need of students at universities, other tertiary institutions and professionals offering Law as well as aid the legal needs of parties in Hire Purchase.