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installment contract |
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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). (See: contract, consideration, breach, anticipatory breach, failure of consideration) |
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Second, a significant percentage of the transactions in the late '70s were installment contract sales financed by sellers. Otherwise, "they should have signed a purchase agreement or installment contract which would list prices for the [options in question]," says Clarence Ditlow, executive director of the Center for Auto Safety (www. Unlike the compensation costs, the overhead expenses did not originate in the process of ACC's acquisition of installment contracts and generally had no meaningful relationship to the number of credit applications analyzed. |
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installment contract
