1.3 BUSINESS AND CORPORATE LAW ASSIGNMENT 6 QUESTION FOUR Kobi Jones, a porter, buys a tricycle motor to help him cart goods of his clients. The motor was purchased from Agaza Motor Company Limited on a hire purchase agreement. The hire purchase price was GH¢4,500.00 to be paid for in twenty equal instalments. By June, 2011, Kobi Jones had paid 60% of the purchase price, but was unable to pay the instalment due in July 2011. His plea to be given more time to pay fell on deaf ears. In August, 2011 while Kobi Jones was on his way to cart goods for customers, the agents of Agaza Motor Company seized the motor. Kobi Jones thus lost a very lucrative job from which he had hoped to make GH¢2,400.00. Kobi Jones is very upset and comes to you for advice. a) Explain the effect that the payment of 60% of the purchase price had on the agreement. (6marks) b) What does the seizure of the by the agents of Agaza Motor Company amount to? (10 c) What remedies, if any, are available to Kobi Jones? (4marks) (Total: 20 marks)
1.3 BUSINESS AND CORPORATE LAW ASSIGNMENT 6 QUESTION FOUR Kobi Jones, a porter, buys a tricycle motor to help him cart goods of his clients. The motor was purchased from Agaza Motor Company Limited on a hire purchase agreement. The hire purchase price was GH¢4,500.00 to be paid for in twenty equal instalments. By June, 2011, Kobi Jones had paid 60% of the purchase price, but was unable to pay the instalment due in July 2011. His plea to be given more time to pay fell on deaf ears. In August, 2011 while Kobi Jones was on his way to cart goods for customers, the agents of Agaza Motor Company seized the motor. Kobi Jones thus lost a very lucrative job from which he had hoped to make GH¢2,400.00. Kobi Jones is very upset and comes to you for advice. a) Explain the effect that the payment of 60% of the purchase price had on the agreement. (6marks) b) What does the seizure of the by the agents of Agaza Motor Company amount to? (10 c) What remedies, if any, are available to Kobi Jones? (4marks) (Total: 20 marks)
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