Installment Contract

Installment Contract in United States

Practical Information

Note: Some of this information was last updated in 1982

An agreement in which credit is extended upon the promise to pay a certain part of a particular debt at certain regular times. The credit may be granted as a loan of money. For example, a person may borrow money from a bank or a personal finance company on his or her personal credit with an agreement to repay a certain portion of it each month, or each week. Or the credit may be extended upon the sale of goods. For example, a person buys furniture and agrees to pay a certain part of the price at regular intervals instead of paying the entire price immediately. See Also conditional sale (in U.S. law).

(Revised by Ann De Vries)

What is Installment Contract?

For a meaning of it, read Installment Contract in the Legal Dictionary here. Browse and search more U.S. and international free legal definitions and legal terms related to Installment Contract.


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