Installment Contract
/ɪnˈstɔːlmənt ˈkɒntrækt/
Definitions
- (n.) A contract for the sale of goods or property in which payment is made in periodic installments over time rather than in a lump sum.
The buyer signed an installment contract to pay for the vehicle over two years.
Forms
- installment contracts
Related terms
Commentary
Installment contracts often include clauses specifying remedies for default and the rights retained by the seller until full payment is made.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.