- An agreement in which payments of money, delivery of goods, or performance of services are to be made in a series, usually on fixed dates or based on certain actions. A failure to pay (or perform) an installment when due is a breach of contract and may relieve the other party from performing further. In many such contracts, the failure to make a payment gives the seller the right to repossess any article that has been sold.
Business law dictionary. 2015.
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installment contract — see contract Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. installment contract … Law dictionary
installment contract — Type of agreement calling for periodic performances and payments. An installment contract is one which requires or authorizes the delivery of goods in separate lots to be separately accepted, even though the contract contains a clause each… … Black's law dictionary
land installment contract — see contract Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
retail installment contract — n. A contract in which a buyer agrees to pay the seller for some item in installments, along with a finance charge or with the provision that the ultimate price will be higher than if the buyer paid the full price initially. The Essential Law… … Law dictionary
retail installment contract — Any contract for a retail installment sale between a buyer and seller, entered into or performed which provides for (a) repayment in installments, whether or not such contract contains a title retention provision, and in which the buyer agrees to … Black's law dictionary
contract — con·tract 1 / kän ˌtrakt/ n [Latin contractus from contrahere to draw together, enter into (a relationship or agreement), from com with, together + trahere to draw] 1: an agreement between two or more parties that creates in each party a duty to… … Law dictionary
installment — in·stall·ment n: one of the parts into which a debt is divided when payment is made at intervals installment adj Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. installment … Law dictionary
installment sale — Commercial arrangement by which buyer makes initial down payment and signs a contract for payment of the balance in installments over a period of time. In accounting for such sales, the seller may either account for the profits on basis of each… … Black's law dictionary
contract — An agreement between two or more persons which creates an obligation to do or not to do a particular thing. As defined in Restatement, Second, Contracts No. 3: A contract is a promise or a set of promises for the breach of which the law gives a… … Black's law dictionary
installment plan — Commercial sales arrangement by which goods are sold and buyer pays for them in periodic payments. See also installment contract installment credit installment loan installment sale … Black's law dictionary