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installment contract :: legal definition


Installment contract - n. an agreement in which payments of money, delivery of goods or performance of services are to be made in a series of payments, deliveries or performances, usually on specific dates or upon certain happenings. One significance is that failure to pay an installment when due is a breach in which damages can be assessed based on the portion which has not been paid, and is an excuse for the other party not to perform further. In many installment contracts, failure to make a payment gives the seller of an article the right to repossess (take it back).

See also: anticipatory breach breach consideration contract failure of consideration and Related Law Terms ↓


Related Law Terms

accrue :: v. 1) growing or adding to, such as interest on a ... the contract (anticipatory breach).
anticipatory breach :: n. when a party to a contract repudiates (reneges ... perform. See also: breach contract
at will employment :: n. a provision found in many employment contracts ... ons. See also: wrongful termination
attorney's fee :: n. the payment for legal services. It can take sev ... ees in the particular type of case.
bargain :: n. 1) a mutual agreement or contract between two p ... o: agreement consideration contract
bond :: n. 1) written evidence of debt issued by a company ... good up to the amount of the bond.
breach :: 1) n. literally, a break. A breach may be a failur ... breach of trust breach of warranty
breach of contract :: n. failing to perform any term of a contract, writ ... breach breach specific performance
cause of action :: n. the basis of a lawsuit founded on legal grounds ... property. See also: element lawsuit
consideration :: n. 1) payment or money. 2) a vital element in the ... t of a promise). See also: contract
contract :: 1) n. an agreement with specific terms between two ... n oral contract unilateral contract
contractor :: n. 1) a person or entity that enters into a contra ... actor mechanic's lien subcontractor
covenant :: 1) n. a promise in a written contract or a deed of ... o compete deed restrictive covenant
default :: 1) n. failure to respond to a summons and complain ... default judgment notice of default
demand :: 1) v. to claim as a need, requirement or entitleme ... pay is made. See also: demand note
earnest payment :: n. a deposit paid to demonstrate commitment and to ... (liquidated) or committed damages.
election of remedies :: n. an outmoded requirement that if a plaintiff (pa ... dence has not been fully presented.
failure of consideration :: n. not delivering goods or services when promised ... n. See also: consideration contract
grace period :: n. a time stated in a contract in which a late pay ... the contract, i.e. your insurance.
implied covenant of good faith and fair dealing :: n. a general assumption of the law of contracts, t ... -long employment. See also: implied
liability :: n. one of the most significant words in the field ... bility joint tortfeasors negligence
liquidated damages :: n. an amount of money agreed upon by both parties ... airness. See also: contract damages
option :: n. a right to purchase property or require another ... ng or upon expiration of the lease.
partial breach :: n. the failure to meet a term of a contract which ... g in the missing or expected items.
performance :: n. fulfillment of one's obligations required by co ... nce. See also: specific performance
personal services :: n. in contract law, the talents of a person which ... his/her unique ability and product.
promise :: 1) n. a firm agreement to perform an act, refrain ... so: consideration contract covenant
promissory note :: n. a written promise by a person (variously called ... lso: interest obligee obligor usury
quantum meruit :: : (kwahn-tuhm mare-ooh-it) n. Latin for "as much a ... uit by implying a contract existed.
repudiation :: n. denial of the existence of a contract and/or re ... also: anticipatory breach contract
severable contract :: n. an agreement which is made up of several separa ... e also: breach of contract contract
specific performance :: n. the right of a party to a contract to demand th ... artwork. See also: contract prayer
statute of limitations :: n. a law which sets the maximum period which one c ... ies. See also: demurrer laches toll
substantial performance :: n. in the law of contracts, fulfillment of the obl ... also: contract specific performance
surety :: n. a guarantor of payment or performance if anothe ... or entity. See also: bond guarantor
unilateral contract :: n. an agreement to pay in exchange for performance ... consideration contract performance
valuable consideration :: n. a necessary element of a contract, which confer ... t. See also: consideration contract

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - I

i.e. :: prep. abbreviation for id est, which is Latin for ... "e.g.," which means "for example."
illegal :: 1) adj. in violation of statute, regulation or ord ... . See also: alien illegal immigrant
illegal immigrant :: n. an alien (non-citizen) who has entered the Unit ... ion date of a visa. See also: alien
illusory promise :: n. an agreement to do something that is so indefin ... he may have thought was a contract.
immaterial :: adj. a commonly heard objection to introducing evi ... ons. See also: irrelevant objection
immediately :: adv. 1) at once. 2) in orders of the court or in c ... oon as can be done" without excuse.
immunity :: n. exemption from penalties, payments or legal req ... ws. See also: governmental immunity
impanel :: v. to select and install a jury. See also: impanel ... l a jury. See also: impaneling jury
impaneling :: n. the act of selecting a jury from the list of po ... e juror jury panel venire voir dire
impeach :: v. 1) to discredit the testimony of a witness by p ... ve been found guilty by the Senate.
impeachment :: n. 1) discrediting a witness by showing that he/sh ... the trial itself. See also: impeach
impleader :: n. a procedural device before trial in which a par ... than having two suits in a series.
implied :: adj., adv. referring to circumstances, conduct or ... nt implied consent implied warranty
implied consent :: n. consent when surrounding circumstances exist wh ... aybe" or "later." See also: implied
implied contract :: n. an agreement which is found to exist based on t ... : contract express contract implied
implied covenant of good faith and fair dealing :: n. a general assumption of the law of contracts, t ... -long employment. See also: implied
implied warranty :: n. an assumption at law that products are "merchan ... er. See also: caveat emptor implied
impossibility :: n. when an act cannot be performed due to nature, ... cel) a contract. See also: contract
impotence :: n. the male's inability to copulate. Impotence can ... eans inability to produce children.
impound :: v. 1) to collect funds, in addition to installment ... cases. See also: forfeit forfeiture