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INSTALMENT AGREEMENT: when a consumer borrows money to buy, possess and use goods while making payment towards the loan amount, together with interest and/or fees/charges. Ownership will transfer when the loan amount is paid off. For example, a motor vehicle.
What is an installment contract?
An installment contract is a single contract that is completed by a series of performances such as payments, performances of a service, or delivery of goodsrather than being performed all at one time. Installment contracts can provide that installments are to be performed by either one or both parties .
What is an installment sales contract also called?
The term hire purchase refers to an arrangement for buying expensive goods. In a hire purchase agreement, the buyer makes an initial down payment and pays the remaining balance plus interest in installments.
What is another name for an installment sale contract?
An installment payment contract is a specific type of contract in which the payment structure of the contract is made in a series, or installments, rather than in one large lump payment.
What is another name for installment purchase agreements?
An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. If you realize a gain on an installment sale, you may be able to report part of your gain when you receive each payment. This method of reporting gain is called the installment method.
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An installment contract is a single contract that is completed by a series of performances such as payments, performances of a service, or delivery of goods
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