Agreement Termination

BL – May 2021 – L1 – SB – Q5b – Hire Purchase and Consumer Credit Transactions

Describing the hire purchase agreement and ways to terminate it.

Question

Kabir took possession of a Toyota Sienna bus from Auto Distributors Limited so as to add to his fleet of commercial mini vans. The price of the bus is N3.6 million payable in ten equal monthly instalments. Kabir intends to terminate the agreement that he has with Auto Distributors Limited after he has used the bus for two months and paid two instalments because his brother, Jamal, has just given him the same type of mini van.

Required:
State the nature of the agreement and FIVE ways of terminating it.

Answer

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Tags: Agreement Termination, Contract Law, Hire Purchase
Level: Level 1

Series: MAY 2021

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BL – May 2021 – L1 – SB – Q5b – Hire Purchase and Consumer Credit Transactions

Describing the hire purchase agreement and ways to terminate it.

BL – May 2021 – L1 – SB – Q5b – Hire Purchase and Consumer Credit Transactions

Describing the hire purchase agreement and ways to terminate it.

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Question Tag: Agreement Termination

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BL – May 2021 – L1 – SB – Q5b – Hire Purchase and Consumer Credit Transactions

Describing the hire purchase agreement and ways to terminate it.

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BL – May 2021 – L1 – SB – Q5b – Hire Purchase and Consumer Credit Transactions

Describing the hire purchase agreement and ways to terminate it.

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