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 ?
I entered into an installment contract about three years ago to purchase the single-family home my wife and I are now living in.
" [T]he side agreement was an installment contract without an automatic acceleration provision.
Contract buyers "are typically ill-prepared to unravel the textual ambiguities and considerable risks of the installment contract and to undertake needed protective steps." (117) Because properties sold in land contracts are often in severe states of disrepair, policymakers could argue--like they did when initially supporting the implied warranty of habitability--that extending the implied warranty of habitability to land contracts is needed to prevent dilapidated housing from becoming a public nuisance.
AT&T is selling the (https://www.att.com/cellphones/iphone/apple-iphone-8.html?source=IC2Y0H0000000000L&wtExtndSource=iphone8#sku=sku8510261) 64GB iPhone 8 at $23.34 a month with a 30-month installment contract, while the 256GB is going at $28.34 a month.
New Retail Installment Contract, Shared Connect Plan, $25 Activation Fee, and credit approval required.
Acceleration transforms a loan from a long-term installment contract with a monthly payment plan to a loan whose entire remaining principal balance is immediately due.
Plaintiff alleges action on a retail installment contract. Suit seeks $11,263.
Because the sale is between related persons, the children should be instructed not to sell the building until at least two years have passed from the start of the installment contract. If they sell the property prematurely, their parents will be hit with a crippling tax bill and will not receive installments sufficient to cover the liability.
According to a retail installment contract from Toyota Financial Services, through which the car was financed, the cash price for the car was $21,694.50.
You may be familiar with a "contract for deed" or an "installment contract" in a real estate sale.