installment contract


Also found in: Financial.

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)

References in periodicals archive ?
Special Warranty 60% of the budget allocation prior to the completion of the first installment contract (this guarantee will be canceled upon signing the certificate of acceptance)
This is sometimes considered "indirect" financing because it is the con tractor who is listed as the creditor on the retail installment contract and not the finance company.
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.
Similarly, the opinion in no way intimates that ACC was in any way obligated even to review, much less purchase, any given installment contract.
According to Ally, the CFPB and DOJ assert that pricing disparity has occurred for certain protected classes of consumers as a result of the auto dealer's ability to mark-up Ally's rate at which it buys a retail installment contract.
The corporation has assigned all of its right, title and interest in the installment contract and deed of trust to the trustee for the benefit of COP holders.
There is no prepayment penalty if doctors decide to purchase their solution before the end of their installment contract.
Headquartered in Southern California, Westlake originates indirect retail installment contracts through a nationwide network of new and used car dealers throughout the United States.
Westlake is an Internet based, privately held finance company that specialises in the acquisition and servicing of prime to sub-prime automotive retail installment contracts.
Onyx is a consumer finance company, providing purchase and service of motor vehicle retail installment contracts.
The court then concluded that the salaries and benefits related to the loan contracts actually acquired had to be capitalized because, "but for ACC'S anticipated acquisition of installment contracts, ACC would not have incurred the salaries and benefits attributable to those activities.
First, this provision does not apply to installment contracts, in which goods in separate lots are to be separately accepted.