The termination of the contract affects the final amount owed after the end of the contract. When the buyer terminates the contract and voluntarily returns the goods, the amount to be paid should be as high as half the amount specified in the contract, less the amount paid. If there are taxes payable, they must be paid. As I have already said, the 1938 provisions on the payment that the tenant had to pay upon termination were not advantageous to the tenant in the same sense as the granting of the right to terminate. The benefit that the tenant obtained from the 1938 Act was essentially the right to resign. I have said that other disinterested bodies have spoken forcefully about this. In paragraph 531 of its report, the Molony Commission mentioned for the first time the 50 per cent. “gross justice” under the legislation as we know it today. Perhaps I should read in detail and in full paragraph 548 in which the Molony Committee reached its conclusions on this matter. It says that, theoretically, a fairer result would be achieved by limiting the owner`s right of recovery to the reduced rental-purchase price of the money received by the tenant and the value of the property withdrawn or returned. Such a provision would inevitably lead to disputes over whether the actual value had been acquired at the time of implementation, with subsidiary questions about the need to spend money on reparations, etc. We prefer that the simpler restriction be found in sections 4 and 5 C of the act. I draw the Attention of the House to the Molony Committee`s statement that, in theory, a fairer result would be achieved…

It is certainly up to Parliament to try to put this theory into practice. I say, as I said, that it is not entirely immeasurable for Parliament to find a way to properly put this theory into practice. You must pay all due payments before the end of the agreement. If your payments are less than half the total price of the merchandise, you may still have some money to pay, since the lender is entitled to that amount under the agreement. If you have already paid more than half the price when you terminate the contract, you cannot be reimbursed, but you usually no longer have to pay. First, efforts have been made to establish a system of self-enforcement by providing for each factor and its consideration. I pay tribute to the idea of my Hons. Friend of the MP for Gosport and Fareham and his efforts to try to frame a clause in this direction. These clauses, although still flawed, were inoperably complex and could never have been understood by the universality of those who could purchase property at the lease-sale.

Indeed, they would have placed the financial house in a very strong position, where it could confront the tenant with a detailed invoice and demand payment. Its only recourse would be to go to court and challenge the financial and commercial evidence in 432 cases such as the value of the repaired property and the costs of valuation, storage and repair.

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