Hire Purchase Agreement In Nigeria Pdf

(4) If the tenant properly complies and fulfills all the conditions included and must be carried out and must pay the landlord the amount covered in item 3, as well as all other sums he must pay to the landlord in accordance with the provisions of this agreement, the tenancy will end and the vehicle in question will be transferred to the tenant`s property. , and the landlord will give in and do all his rights and interest in the same tenant. , but the tenant has the option to purchase the vehicle in question at any time during the rental period, mentioning in a lump sum the balance of all the rent in advance and other expenses that have been borne by the landlord. Until all of the above payments are made, the vehicle remains the property of the owner. 5. The tenant may terminate the tenancy at any time by returning the vehicle in question to his place of residence at his own expense and peril. In a tenancy agreement, there are usually two parties – the landlord and the tenant. However, in some cases, there is a third party known as a financial company or trader. d. A tacit guarantee that the tenant must hold in peace. Under common law, a rental agreement can be oral or written. S.2 (a) of the Leasing Act, however, proposes that a lease-sale be made in writing or oral, must be accompanied by a written note or memorandum proving the agreement, and the tenant must sign the same thing and may be personally signed by other contracting parties or their agents on their behalf. In addition, the law imposes certain formalities to be followed in a lease-sale agreement.

Failure to comply with one of the formalities renders the agreement unenforceable, but the court may, in the exercise of its discretion, waive some of the formalities. See in general Section 2 of the Act. There are also certain conditions that the law expressly excludes and cannot be included in the contract. See section 3 of the law.c. A clause that gives the tenant the right or opportunity to acquire the merchandise at the end of the tenancy for a nominal amount. (ii) Do not remove the vehicle in question from the city…………. Unless the landlord has obtained written permission in this matter and the landlord grants the authorization subject to certain conditions, the tenant complies with all the conditions imposed with respect to that authorization. AND CONSIDERING that the owner also assured the tenant that he would have the right to sell the vehicle in question at the time of passage and that the vehicle in question is free or incriminating at the time of passage .c the land. A rental agreement gives the tenant an option, not an obligation to purchase the goods. one. The tenant is in principle obliged to accept the delivery of the goods subject to the rental agreement. A breach of this obligation entitles the owner to damages.

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