(iii) that person has the right to terminate the contract at any time before ownership is so transferred. [Hire-Purchase Act, 1972, section 2(c)]. In addition to establishing general principles for rental purchases, the judiciary has also helped to clarify the specificity of these transactions with regard to others, including that of sale. The corresponding distinctions have been discussed below. Leases were concluded in England and were then transferred to India by the British. Such transactions were initially diverted from English law and major judicial precedents. A special law that regulates the same thing, namely the Hire Purchase Act, was passed in 1972 but was never enforced and was finally repealed in 2005. The result is a very interesting development of the law, which requires examination. (b) whether there is a guarantee contract for the guarantor of the payment made at any time before the final payment under the agreement. (2) Notwithstanding all the provisions of a contract, there is in each lease a “guarantee agreement” in respect of a rental agreement, i.e. a contract in which a person (designated guarantor by this law) guarantees the performance of all the tenant`s obligations under the rental agreement; 2. The Commission has drawn up a questionnaire on the above subject and wishes to be able to take into account the views of all interested persons/entities on this subject.
A copy of the questionnaire, together with a copy of the Hire-Purchase Act, 1972 and the Hire-Purchase (Amendment) Bill, 1989, is attached for reference. (iii) three-quarters or a higher proportion of not more than nine-tenths, as the central Government may do by notification to the Official Gazette, where the lease purchase price is at least twenty-five thousand rupees. (i) in Section 19(a), for the words `rent arrears due`, the words `with ancillary costs and costs to be paid in accordance with the terms of the contract` should be replaced. and (b) “rent” means the amount that the tenant must pay regularly under a lease purchase agreement; 3. The Commission distributed to interested parties a questionnaire on the right to purchase tranches in order to obtain their views on the matter. After considering its views, the Commission recommended various amendments to the Purchase Act 1989 and the Hire-Purchase Act 1972. For the sake of simplicity, the Commission has also attached the Rental Purchase (Amending Act) Act 1999 (Schedule A to the Report), which contains the Rental Purchase (Amending Act) Act 1989 and our amendments, as well as the main Act. For convenience and simple reference, we have set out in Appendix B of the report, the Hire-Purchase Act, 1972, as amended by the Hire-Purchase (Amendment) Bill 1999. In other words, if all the amendments proposed by the Legal Affairs Committee are accepted by Parliament, the Rental Purchase Act 1972 would apply as set out in Annex B of the report. « 2. Where part of the rental purchase price is paid or is not to be paid in cash or by cheque, the lease agreement shall include a description of that part of the lease purchase price and the date on which that part is to be paid or to be given, as well as its value as agreed by the parties, or where different parts of that part are to be paid or indicated on different dates: the date on which each of these coins is to be paid or to be given and the value agreed by the parties. 5. Two or more contracts if treated as a single lease The arrival of automobiles has provided an important filling material for the distribution of rental stores.
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