ContractsInstallment_contracts_and_land_contractsEASY
Jordan Bennett will take possession now, make payments for 10 years, and receive the deed only after paying the final balance. What type of contract best describes this sale?
Correct Answer
A) Installment contract
Installment contract is correct because the facts match a contract under which the buyer makes payments over time, often with title delivered only after all payments are made. That is the best description of the relationship, right, or legal concept tested here.
Answer Options
A
Installment contractB
Land contract (contract for deed)C
Seller financingD
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Related Topics & Key Terms
Key Terms:
installment_contracts_and_land_contractscontractsinstallment_contractland_contract
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