Installment Contract Definition and Legal Meaning

On this page, you'll find the legal definition and meaning of Installment Contract, written in plain English, along with examples of how it is used.

What is Installment Contract?

It is a contract or agreement between the parties to make certain series of payment, or perform certain service or deliver goods at a specific event on specific time and date for the exchange of something. If the person who enters into such agreement he/she breaches the contract, they are liable for the penalty and can be out of contract.