Explain the information that must be contained in the written memorandum of a hire purchase agreement for the agreement to be enforceable.

The following information must be contained in a written memorandum of hire purchase:

  • A statement of the hire-purchase price and the cash price of the goods to which the agreement relates.
  • The amount and the dates of payment of each installment.
  • A notice setting out the hirer’s right under the contract.
  • A copy of the contract that must be sent to the hirer within twenty one days of execution.
  • Names of the parties.
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