Simple English definitions for legal terms
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An installment contract is a type of contract where the work or payment is divided into smaller parts and completed over a period of time instead of all at once. This can be used for buying goods or property, where the buyer pays in installments and receives the goods or property gradually. The Uniform Commercial Code provides rules for installment contracts for the sale of goods, and buyers can reject non-conforming installments. Installment contracts can also be used for the sale or lease of real estate, where the buyer pays over time and gains possession but not legal title until the final payment is made.
An installment contract is a type of contract where the performance of the contract is completed in a series of payments, services, or deliveries over a period of time, instead of all at once. This means that the parties involved agree to complete the contract in parts, or installments, rather than in one lump sum.
These examples illustrate how an installment contract works. Instead of completing the contract all at once, the parties agree to complete it in parts over a period of time. This can be beneficial for both parties, as it allows for more flexibility in payment and delivery schedules.