Installment Contract Agreement For Services Rendered In Michigan
Description
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FAQ
(A) An "installment contract" is one which requires or authorizes the delivery of goods in separate lots to be separately accepted, even though the contract contains a clause "each delivery is a separate contract" or its equivalent.
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–rather than being performed all at one time. Installment contracts can provide that installments are to be performed by either one or both parties .
Computer Service Contracts: Contracts for computer or technology services, such as software subscriptions, often involve installment payments being made over a set period of time; Agricultural Sales Contracts: In these contracts, the goods are subject to seasonal cycles, such as produce or agricultural goods.
An instalment sale agreement between you and a credit provider allows you to buy a vehicle or asset using the principal debt, which you repay by means of regular instalments over an agreed period, with fees and interest.
Mutuality of Obligation: Conditions for All Signees Mutuality of obligation means that both parties to the contract are bound by its terms. Mutuality is not present if one party is obligated to perform, but the other party is not. A contract will be found void if it lacks mutuality of obligation.
Under the Code, a “service provision agreement” is defined as a listing agreement or buyer's broker agreement that establishes an agency relationship. 1 Since 2008, the Code has defined both agency responsibilities (or duties) as well as the minimum services that a licensee must provide to his or her client.