IF YOU WANT TO ENTER INTO A HIRE PURCHASE AGREMENT? KNOW YOUR RIGHTS.
The commercial life of society especially in a Nigerian setting where the not-too- rich constitute a great number of the society will become hardly tolerable if Hire Purchase commercial relationships do not exist for it will make the poor members of the society not to be able to obtain the use of certain expensive chattels or properties which they could not have the financial buoyancy to make an outright purchase.
Most higher purchase agreement have two or three parties usually the Owner of the property, the Financial Institution usually banks who broker the relationship and the Hirer who is the initiator of the whole transaction. However for emphasis reasons, I will attempt a brief but concise definition of the term Hire Purchase.
