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).
What is Installment Contract?
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