instalment contract


instalment contract
A contract the consideration in which is expressed in separate and distinct items. A contract calling for payment or performance in instalments; not necessarily a divisible contract. 17 Am J2d Contr § 328. A contract for the purchase of real estate which provides for payment of the purchase price to be made in instalments, and for the conveyance of the title to be made on the completion of the payments. 55 Am J1st V & P § 106. A provision in a contract for payment in instalments, which instalments are not referable to severable items or portions of the performance but are referable to the performance of the whole, does not render or characterize such contract as severable. Condon v H. C. Hazen Contracting Co. 122 Ohio St 100, 170 NE 870.

Ballentine's law dictionary. . 1998.

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