An installment contract is an agreement between a buyer and a seller, whereby, for consideration received, the buyer agrees to pay a certain specified amount to the seller in periodic installments until the total contract price is paid. This type of contract may arise in an infinite variety of situations, ranging from loan agreements and retail purchases to club memberships. Generally these contracts are drafted by the seller and the language contained is usually incomprehensible to the average consumer. As a result, the consumer often finds that he has waived rights to which he would otherwise be entitled. Simply stated, the problem is that most consumers do not know what they are signing.
John C. Reed,
Assignment and Negotiation: A Violation of Due Process,
Duq. L. Rev.
Available at: https://dsc.duq.edu/dlr/vol10/iss1/13