StudentShare solutions
Triangle menu

Onsumer law - Essay Example

Not dowloaded yet

Extract of sample
Onsumer law

If the credit card provider and the bank, which is acting on behalf of the supplier/ Retailer are the same then only the transaction will have effect on only three parties.
Consumer Credit agreements: In Consumer Credit Agreement the creditor provides finance to the debtor for purchase of goods and services and such finance shall be within the specified amount. The credit provided by the creditor to the debtor includes Credit sale and conditional sale such the agreements of bank overdraft and credit card, which are also termed as revolving credit or running account. Under these agreements the debtor purchases the goods and or services from the supplier or wholesaler or retailer etc and the creditor makes the payment for the debtor and such credit the creditor shall fix limit, from time to time. The further classification of these agreements are unrestricted credit agreements and restricted use credit agreements. Bank loans fall in the category of unrestricted credit agreements. ...
Dealer is an Agent of Creditor:

In accordance with Section 56 of the Consumer Credit Agreement a person who makes negotiations of a regulated agreements between the creditor and the debtor is called the agent of creditor, such person includes a dealer in hire-purchase and a retailer who allows the customer to pay through credit card for the goods supplied. This section gives the protection to the consumer by making creditor liable for any breach of contract of sale either due to misrepresentation or due to any reason, and giving liberty to the consumer to sue the creditor for the breach of contract of sale2.


Liability of Creditors in Consumer Credit Agreement:

Section 75 of the Consumer Credit Act 1974 provides that the creditor is liable for the default of the supplier and the debtor has a claim against the creditor similar to that of his claim against the supplier in the Consumer Credit Agreements such as hire-purchase, credit sale and conditional sales. The creditor is jointly and severally liable to the debtor. The consumer who purchases the goods from supplier or wholesaler or a retailer using the credit card has right to claim against credit card issuing company, which provides the credit card to the consumer3.

Therefore the Section 75(1) and Section 56 of the Consumer Credit Act gives the protection to the consumers against the creditor such as the credit card issuing bank for any breach of contract of sale including implied conditions such as fitness and satisfactory quality as explained in the sale of goods act. This section provides to the consumer who makes the payment of the price of goods through the credit card, to claim against the supplier and also the ...Show more

Summary

Consumer Credit Act 1974 is the law regulating the credit agreements between the debtor and creditor. These credit agreements shall be abided by the two principal conditions such as (a) the debtor is neither a company nor a body corporate which means and (b) the ceiling of credit advanced by the debtor shall be between 50 and 15 000…
Author : skling
Onsumer law essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Onsumer law"
with a personal 20% discount.
Grab the best paper

Related Essays

LAW
Where the issue concerns cultural and social values, rather than a fair trial, judges can bring to the task no specialized qualifications: only open mind, a respect for both free speech and privacy, and a willingness to listen to both sides. At present, as the law progresses, the favoured approach is for the judge to enquire carefully into the facts, and a decision made based on evaluation of the facts (Cohen & Raphael 2001).
4 pages (1000 words) Essay
Onsumer behaviour and decision making
Sometimes, even a small technological leap in the industry can change the marketing pattern very easily. The main reason for this is that marketing deals with the behavior and aspirations of people that are highly influenced by changes in the environment.
10 pages (2500 words) Essay
Law
???? Course ????? Campus ????? I certify that the attached assignment is my own work and that any material drawn from other sources has been acknowledged. Copyright in assignments remains my property. I grant permission to the University to make copies of assignments for assessment, review and/or record keeping purposes.
11 pages (2750 words) Essay
Law
2. Explanation of the Area of the Law Under section 428, Corporations Act 2001 states that,  (1) On appointing a receiver of property, corporations must mention both in every public document and its negotiable instruments as well that the receiver has been appointed and it should be mentioned after the corporation’s name.
4 pages (1000 words) Essay
Law
Secondly, the study seeks to find out whether legal origin and shareholder protection are associated in any way, and whether countries with the common law origin show signs of robust development of the stock market, compared with countries that mainly apply civil law.
17 pages (4250 words) Essay
Law
I conducted further research on the Incorporated Council of law reporting for England and Wales only to find that it has been in existence since 1865 and prove to be an authority on both law and its accurate reporting. The fact that the Council operated as a charity served to further convince me of its dedication to accurate reporting and its commitment to do with no consideration for financial gain.
6 pages (1500 words) Essay
Law
The knowledge about common law is important because it categorizes and lays significance on rights to properties, clarifies whether matters could
3 pages (750 words) Essay
Law
The people who made the contract are described as being party or “privy” to it and they are said to enjoy “privity of contract” (p. 14). This expression means that the parties are drawn into a close
2 pages (500 words) Essay
LAW
(Melone and Kames, 63) The proscribed form for lodging these disputes was by way of a writ which set out specific claims and remedies. (Melone and Kames, 63) The Royal courts were divided into three common law courts. They were the
6 pages (1500 words) Essay
Law
w” has an evolving history starting from the local traditions of the Anglo-Saxons times in the fifth century and culminating in the modern approaches where continental laws are gaining importance. The main sources of English Law are as follows: In 1215, the King Council’s
4 pages (1000 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation