1991-04-18 — Page 29

(29)育教日四初月三年未辛曆夏

報日僑華

日四

四期日八十月四(一九九一)年十八國民華中

1991 中學會考預習專欄

明德出版社一

MILL & DALE PRESS

11. Hire Purchase

代訂各團酒店

1. Types of Consumer Credit

Commerce (29)

5.K. LAI

Although most consumer transactions are on a cash basis, many traders allow the goods to be supplied on credit. Trade credit means that payment has to be made some time after the goods are despatched. It is commonly used the term hire. purchase to describe this type of credit. Under this term, the buyer's are allowed to pay for the goods in instalments. This expression covers three main types of hire purchase arrangements::

a. Conditional Sale Agreement

the

and Under this agreement, the legal property ownership of the goods have passed to the buyer when he pays the final payment by a stated number of instalments. Repossession of the goods can be obtained by the seller. wr the buyer has exercised the right to stop the agreement prematurely..

When the first instalment has been paid by the buyer on, the goods it is obligatory for the buyer to buy the joods.

Hire Purchase Agreement

under this agreement, the buyer is the hirer since the goods have hired to users. The hirer is not under an obligation to buy the goods.

The ownership of the goods has passed to the buyer when he exercises the option to purchase the goods by the end. of the hire period:

The goods remains the legal property of the seller until the last payment has been made by the hirerin

Within the hire period, the hirer has no right to resale the goods to another person because the hirer is not the true owner.

c. Credit Sale Agreement

Under this agreement, the goods become the property of. the buyer when he pays the deposit or the first instalment. The buyer undertakes to pay the total -purchase price by a stated number of instalments. It is not commonly used for expensive durable goods because the seller has no guarantee that the buyer must pay his instalments. It is commonly employed where the buyer is known to the soller.

If the buyer defaults repayments, the seller cannot. repossess the goods, but the seller can sue for repayment from the buyer.

Advantages and Disadvantages of Hire Purchase

2.1 Advantages and Disadvantages of Buying on Hire Purcha To the buyers, the advantages and disadvantages. buying on hire purchase are summarized as follows:

Advantages

Buyers do not save for long time to buy the consumer durable goods. with hire purchase payments, buyers could enjoy the immediate use: of goods, while. payment is being made later.

c. It promotes the increase In total spending in the consumer market, thus- inaking mass production possible.

Fixed instalments within a high inflation period can be an advantage to the buyer..

a. Buyers:

for the bones

b. Credit purchases would

generate the habit of overspending and encourage impulse buying.

c. The op of goods has notmediately -passed to the purchaser

d. Compared with cash

takes more. purchas time in to buying. process as safe forms: are to be completed by purchasers.

2.2 Advantages and Disadvantages of Selling on Hire Pur-jase To the sellers, the advantages and disadvantages selling on hire purchase are summarized as follows:

Advantages

a. The hire purchase sales

can generate the

increased sales in expensive durable products...

b. Impulse buying could be

encouraged..

c. Customer loyalty can be

built up,

Disadvantages

a. It involves extra

clerical costs in handling invoices or sales records for retailers."

b. When buyers fail to make Dayment, it would result in more bad debts..

c. When goods are

repossessed by

retailers, it involves

more work in handling..

the second-hand goods.

d. The working capital.

is tied up in debts.

3. Legal Aspects in a Hire Purchase Transaction

The Consumer Credit Ordinance is designed to provide certain

guidelines which are used to protect the interests of both

parties: the seller and the hirer.

The main provisions of this ordinance include:

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a. Right to have the provision of information

The following Information should

.customer:

be given to the

-the hire purchase price, the amount of each repayment and its timing: the number of instalments, the cash price:

the description of the goods

summary copy of the consumer's rights and obligations under the contract. the prospective birer can Under this circumstance,

hire

purchase

the difference compare

between the transaction and a cash transaction. Right to withdraw from the agreement Withdrawal is impossible. if the hire purchase agreement has been signed in business premise. However, a cooling off period is designed to help those purchasers who would be pressured by over-aggressive door-to-door salesmen into signing the agreements other than in the trade premises, then the hirer can withdraw from the agreement within four days and return the goods.

C. Right to terminate the agreement:

Under a credit sale agreement, the buyer has no right to terminate the agreement.

Under a hire purchase agreement, the hirer, has entitled: to terminate the agreement at any time when half of the total hire purchase price has been paid and the goods should be returned to the seller.

d. Right to retain possession of goods

If the agreed instalments are overdue, a reminder letter must be given to hirer before the seller can repossess the goods.

If one third or more of the total purchase price has been.. paid by the hirer, the seller can only repossess the goods with a court order

Consumers' Protection

1. Rights and Responsibilities of a Consumer

The rights of consumers arc

a. the right to be informed,

b. the right to choose,

c. the right to be heard, and

d. the right to safety.

The responsibilities of consumer's are:

a. to make complaint against any malpractices of dishonest.

concuct, and

b. to discourage any profiteering of businessinėn. Needs for Consumer Protections

Consumer's can be exploited when they buy goods or services. The malpractices of producers or traders include:

a. misleading advertisements,

b. charging higher prices,

c. labelling goods incorrectly.

d. Towering the quality of goods,

es giving the incorrect weights or quantity of goods.

In order to obtain a fas deal in the benefit of consumer's, the eshsumer protectionded.

There other reasons y consumers need met Top

Consumers to noteba Souficient know real goods to mak a proper evaluation ether the hours are goods for us, consumers are often in se ut position.

b. consumers are unorganized, whereas the tly closed groups of producers and traders can take advantage of these consumers by serving their own interests or acto dishonest practice.

c. dangerous ingredients may be used by dishonest produce

in the manufacturing of goods. The concern about the consumer health, has been made special attention in racent years.

3. Functions of consumer Council

The Consumer council was set up in April, 1974. It is a statutory body of charging with the responsibility of protecting and promoting the interests of consumers in Hong Kong. Its functions are:

av to collect, receive and supply information concerning

goods and services;

b. to receive and examine complaints and give advice to V.

consumers on goods and services;

c. to encourage, business and professional associations to set up codes of practice in the hope of regulating the activities of their members;

d. to tender advice on matters related to the interests of consumers to the Government or to any public officer;

e, to undertake some other functions with the prior approval-

of the Governor-in-Council,"

The chairman, vice-chairman and 20 other members of the Consumer Council are all appointed by the Governor from the different walks of life. The Consumer Council of Hong Kong) is a Council Member of the International Organisation of Consumers Unions (10CU) and establishes close ties withes

ablishe similar councils elsewhere. Ad

The consumer protection activities of the Consumer Cou Include:

aconsfier Advice Centres and Education-

The coung operates consumer v Centres in the garge of consumer goods territor Pame lets

and services arvable For free distribution at the Advice Centres. The Centres can deal with the consumers' enquires which are made by phone, in person or writing.

in

The regular flow of consumer information, advice and and unbiased scientifically-based guidance on goods services. is published in the council's Chinese-language monthly magazine "Choice".

ilks and seminar on consumer education have been given by the council to schools and community groups. The Consumer Council offers consumer information education to the general public by means releases, conferences and news media.

b. Consumer Complaints

and

of press

The Council has to examine and deal with complaints by *consumers

The nature of complaints can be categorized into the

Following headings:

The quality of products or services,

the unfair sales technique,

late and non-delivery of products, overcharging,

repair/maintenance services.

Although the Council does not have any investigative action in seeking the Council always take powers, Compensation for consumers in all justifiable complaints. Product Testing and Consumer Survey

The council regularly conducts product testing and

consumer survey into a diverse range of goods and services with a view of assisting consumer's in the right purchasing choices and alerting consumers to potential danger to their safety, and health.

Government Legislation on Consumer Protection

The Consumer Council has continued to strive for better, consumer protection through legislation.

In order to assess the adequacy of the legislation, the existing consumer protection laws are being kept under constant review.

Several consumer protection laws have been passed by the government. They include:

a. Sale of Goods Ordinance

It entitles the buyer with right to claim against seller.

the les

when:

the goods are not of merchantable quality;:

(it means that goods should not have defects, and must work property.)

11. the goods are not corresponding to the condition as

described;

iii. the goods are not fit for their normal purpose. Trade Descriptions Ordinance

With effect from 1st April 1981, this ordinance was to repeal the old Merchandise Marks Ordinance.

This ordinance makes it an offence to give false trade descriptions; false marks and misstatements in respect of goods provided in the course of trade.

Weights and measures Ordinance

This ordinance is to make provision with respect to standards and units of measurement and measuring or weighing "equipment used for trade, as well as to regulate trade transactions regarding goods or pre-packed goods supplied by weight or measure.

Short weights or inaccurate measures are liable to punishment upon seller. Nog S

Moreover, the weights, measures and capacity of some prepacked goods should be indicated on their package.

d. Small Claims Tribunal Ordinance

With effect from 1st October 1976, this ordinance has offered the consumer a simple, informal and inexpensive Forum For his monetary claim involving amounts not. exceeding $15,000, No Tegal representatives are allowed" in the jurisdiction of a Small Claims Tribunal Public Health and Municipal Services Ordinance With effect from 11th November 1960, this "ordinance has. been established to ensure public health provision of the urban services..

and the

Part V of the Ordinance stipulates that the Food and, drugs intended for human consumption P

should be of the nature, and quality expected by the "normal" consumer,

ii, shold not be injurious to health.

The Food & Drugs (Composition & Labelling) (Amendment) Regulations are make under the Ordinance to protect

of food and drugs. The Regulations aim at A posing detailed requirements, for the labelling and marking of prepackaged foods regarding the anufacturer names, composition, minimum durability, conditions of use or storage, net weight and volume: imposing detailed requirements for the provision: to respect of their manufacture and country of origin..

Self-assessment question

1. (a) Sta

the rights and responsiblities of a consumer, (b) In what ways do the rights of a consumer to be protected

the legislation? Briefly describe the

.0.8. and-

7.A.S..

following:

terms used

Briefly explain the, following terms used in

payment of goods:

(a) C.0.0.,

(b) C.W.0.

(c) Spot cash, and

(d), Quantity discount.

price

4. Distinguish between the following pairs of terms used in the

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purchase and sale of goods:··

(a) Trade discount and cash discount;

(b) Net cash and prompt cash, and

(c) Ex ship and Ex-works.

5. How are consumers protected in Hong Kong?"

6. (a) What are the advantages and disadvantages of selling on

hire purchase?

(b) Describe briefly the three different types of hire.

purchase agreements.

7. Briefly explain the legal aspects of a hire purchase

transaction..

A.. What are the functions of the Consumer Council?

9. List the main advantages and disadvantages of buying on hire

purchase.

10.Briefly explain the differences between hire purchase and

credit sales.

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