installment contract

installment contract
installment contract see contract

Merriam-Webster’s Dictionary of Law. . 1996.

installment contract
n.
A contract that divides its obligation, such as delivery of goods or payment, into portions that are performed periodically over a specified period of time.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


installment contract
An agreement in which performance is done in installments. For example, where payments of money, delivery of goods, or performance of services are to be made in a series of payments, deliveries, or performances, usually on specific dates or upon certain happenings.
Category: Business, LLCs & Corporations

Nolo’s Plain-English Law Dictionary. . 2009.

installment contract
n.
   an agreement in which payments of money, delivery of goods or performance of services are to be made in a series of payments, deliveries or performances, usually on specific dates or upon certain happenings. One significance is that failure to pay an installment when due is a breach in which damages can be assessed based on the portion which has not been paid, and is an excuse for the other party not to perform further. In many installment contracts, failure to make a payment gives the seller of an article the right to repossess (take it back).

Law dictionary. . 2013.

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  • 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

  • installment contract —    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… …   Business law dictionary

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  • 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

  • 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

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  • 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

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