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
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