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单词 installment contract
释义

installment contract


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: contract, consideration, breach, anticipatory breach, failure of consideration)

installment contract


installment contract

A contract providing for payment of the purchase price to the seller over time.Installment contracts are given favorable treatment by the IRS (www.irs.gov),which allows the seller to declare gain only as the seller receives principal payments each year,rather than requiring the seller to immediately take into income the entire gross amount of the purchase price.Interest is counted as income in the year paid.

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更新时间:2024/12/23 19:56:55