Commercial Law in Nigeria: HIRE-PURCHASE AND EQUIPMENT LEASING

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The first edition of this book was published in 2006 by Chenglo Limited, Enugu, Nigeria under the title, Commercial Law: Sale of Goods,  Hire-Purchase and Carriage of Goods by Sea. The current book incorporates some information from the Hire-Purchase component of the first edition.

In  addition  to  hire-purchase which  is  extensively  modified,  this  book  covers equipment leasing, a contemporary area of commercial  law that has not received much  attention  from  authors  in  Nigeria.   Although  equipment  leasing  is  not taught at the undergraduate level, the limited scope of the Hire-Purchase Act in relation to goods other than motor vehicles has naturally created the need  for another form of transaction that enables the acquisition of expensive equipment on  terms  that do  not  necessitate  the purchase  of the equipment.  Equipment leasing is a way to fill this need.

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The book is divided into two parts. Part One is on Hire-Purchase and covers Formation of  Hire-Purchase Agreements, Parties, Etc; Duties and Rights of Parties, Implied Terms and Other  Related  Principles;   Termination  of  Hire- Purchase Agreements; Recovery of Goods; and Control of Advertisements.

Part Two is on Equipment Leasing and discusses Formalities, Contents, Classification and Other Matters Relating to Equipment Leasing; Ownership, Priority of Claims, Rights and Obligations of Parties; Termination, Repossession and Other Related Matters; and Establishment, Composition and Duties of the Equipment Leasing Registration Authority.

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