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Simple English definitions for legal terms

retail installment contract and security agreement

Read a random definition: nonconsensual

A quick definition of retail installment contract and security agreement:

A retail installment contract and security agreement is a legal agreement between two or more parties that creates obligations that can be enforced by law. It is a written document that sets out the terms of the agreement. A contract can refer to three things: the actions taken by the parties to create the agreement, the written document that records the agreement, and the legal obligations that result from the agreement. A contract is a promise or set of promises that the law recognizes as a duty. A retail installment contract and security agreement is a specific type of contract used in retail sales, where the buyer agrees to make payments over time and provides security for the seller in case of default.

A more thorough explanation:

A retail installment contract and security agreement is a legal document that outlines the terms of a purchase made on credit. It is a type of contract that creates obligations between two parties that are enforceable by law.

For example, if you buy a car on credit, you will sign a retail installment contract and security agreement with the dealership. This document will outline the terms of the loan, including the amount borrowed, the interest rate, and the repayment schedule. It will also include a security agreement, which gives the dealership the right to repossess the car if you fail to make your payments.

The retail installment contract and security agreement is a binding contract, which means that both parties are legally obligated to fulfill their obligations under the agreement. If either party fails to do so, the other party can take legal action to enforce the terms of the contract.

retail installment contract | retail installment sale

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General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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