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LSDefine

Simple English definitions for legal terms

installment contract

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A quick definition of installment contract:

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.

A more thorough explanation:

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.

  • A buyer agrees to purchase a car from a seller and will make monthly payments over the course of three years until the full price of the car is paid off.
  • A seller agrees to deliver a certain amount of goods to a buyer every month for a year, and the buyer will make payments after each delivery.
  • A buyer agrees to purchase a piece of land from a seller and will make payments over a set period of time. The buyer can use the land immediately but will not gain legal ownership until the final payment is made.

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.

installment agreement | installment sale

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JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
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