One class :)

Hey its Tuesday! and ya, today i had only one class which is Business Law (LAW416). Today we learned 2 chapter which are LAW RELATING TO HIRE PURCHASE AND NEGOTIABLE INSTRUMENTS. In this chapter, I learned that hire purchase agreement includes a letting of goods with an option to purchase and agreement for the purchase of goods by installment. The most important part in this chapter is .....
STEPS OF REPOSSESSION BY OWNER.

step 1 - hirer has defaulted in 2 successive payments or defaulted n respect of last payment.

step 2 - The owner has served on hirer a written notice.

step 3 - the owner must provide a receipt in respect of the goods once he repossesses it.

step 4 - During the repossession period, the owner may sell the goods/items but must be with the hirer's consent.

step 5 - the ale of item repossessed is based o public auction.

step 6 - sale can be made by auction or private agreement.

NEGOTIABLE INSTRUMENT is a document containing an undertaking to pay a definite sum of money which may be transfered by delivery or by endorsement and delivery.  There are 3 characteristics of bill of exchange :

!. There are three parties to the bill.

2.The bill mus be an unconditional order to pay.

3. The bill must be addressed by one person to another.

CHEQUE is defined as a bill of exchange drawn on a banker and payable on demand. Characteristics of cheque are.

1. It must be an unconditional order in writing.

2. It is signed by a drawer.

3. It is drawn on a banker.

That's what i learned for today. :) Gotta go! Bubye!